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Italy says to delay new budget goals until government formed

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ROME (Reuters) - Italy will not issue new, multi-year budget targets until a new government has been formed following Sunday’s inconclusive election, the Treasury said in a statement on Thursday.

The Treasury normally issues economic and public finance targets in April, which are the basis of the budget bill to be drawn up in September.

The Treasury said it will issue its forecasting document as usual next month to be sent to the European Commission in Brussels, but it will only contain budget and economic projections based on current trends and existing policies.

It will be up to the new government, once it is formed, to issue its budget targets, the statement said, adding that this approach had been approved by Brussels.

The anti-establishment 5-Star Movement and the far-right Northern League both claim they should get a chance to try to form a government after performing strongly at the election, but formal consultations to build a coalition have not yet begun.

Both parties say they want to raise the deficit targets inherited by the outgoing center-left government.

Reporting By Gavin Jones

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