Budget pressure mounts in Italy

ROME - From big business to local authorities, pressure is growing on Italy's centre-left government to modify a much-criticised draft 2007 budget aimed at cutting the deficit in line with EU rules.

Economy Minister Tommaso Padoa-Schioppa is hoping to get an informal nod at a meeting of euro zone finance ministers in Luxembourg later today when he outlines the package, which is designed to bring the deficit/GDP ratio below the EU's 3 per cent limit for the first time since 2002.

- REUTERS