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Italy must cut wasteful spending, prioritise investment - EU's Moscovici

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Italy must cut wasteful spending, prioritise investment - EU's Moscovici
FILE PHOTO: European Economic and Financial Affairs Commissioner Pierre Moscovici looks on during a news conference in Brussels, Belgium August 20, 2018. REUTERS/Francois Lenoir   -   Copyright  FRANCOIS LENOIR(Reuters)
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PARIS (Reuters) – Italy needs to cut wasteful spending and prioritise investment and infrastructure spending that will help stimulate growth and productivity, European economics affairs commissioner Pierre Moscovici said on Thursday.

“It’s in Italy’s interest to reduce its very high public debt,” Moscovici said, speaking at a European Commission event in Paris.

“It would be a lie to think one can invest more with a higher deficit. If that happens, you end up with more debt and less capacity to invest.”

Moscovici added that he was working closely with Italy’s finance minister in what he described as a “constructive climate” and said he hoped that would continue.

(Reporting by Yann Le Guernigou; writing by Luke Baker; editing by Richard Lough)

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