Italy asked to cut debt, Germany to increase spending

The European Commission has threatened to launch a procedure against Italy over its excessive debt if it doesn't take measures to cut spending by 0.2 percent of its GDP before the end of April.

"There would be a case to open," commission vice-president Valdis Dombrovskis said at a press conference on Wednesday (22 February), as Italy's debt is expected to reach over 133 percent of its GDP this year - more than twice the EU's 60 percent rule.

But the commission will wait until afte...