Italian deficit plan
Italy’s Prime Minister, Silvio Berlusconi, said that his Government plans to bring the public deficit under the EU’s threshold of 3 per cent of GDP within the next three years. Italy will ask the EU for “two to three years” to bring the deficit under 3 per cent of GDP, from the 4 per cent expected by most observers this year, he said.
Merger dismissed
The head of the German Savings Bank Association has dismissed the idea of Commerzbank merging with a German public bank after Unicredito’s takeover of HVB. Dietrich Hoppenstedt said: “Commerzbank would hardly be a good strategic fit for us. I don’t see where the synergies in any takeover would be.”