Italy economy min. threatens to resign

Italian Economy Minister Fabrizio Saccomanni has threatened to step down if Prime Minister Enrico Letta’s government refuses to consider the EU deficit limit in favor of tax cuts as Milan continues to grapple with economic slump.
Referring to senior members of the fragile coalition government which consists of Letta’s Democratic Party (PD) and former premier Silvio Berlusconi’s Forza Italia (FI) who vowed to go ahead with tax cuts, Saccomanni also said on Sunday, “I must defend my credibility, and I have no political ambitions.”
The minister also called for political stability needed for the management of public accounts in the debt-ridden country.
Italy started to experience recession after its economy contracted by 0.2 percent in the third quarter of 2011 and by 0.7 percent in the fourth quarter of the same year.