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France urges Italy to form stable government

French Finance Minister Pierre Moscovici on Tuesday urged Italy to quickly form a solid government and said the country's election result does not threaten the euro single currency zone. Italy should "quickly form a stable and strong government," Moscovici told AFP, adding that while the vote "creates problems" it "does not undermine progress in the eurozone." "We must look at this situation calmly and wait for the conclusions that Italian politicians will draw from this complicated vote," he said.

France still sticking to deficit target despite lower growth

French Finance Minister Pierre Moscovici said Monday he was sticking to the aim of cutting public deficit to three percent of output this year but said the country's credibility would not be hit if it failed to do so. Moscovici's comments came after revised figures by the national statistics agency showed that the economy shrank by 0.3 percent in the fourth quarter of 2012 and growth was zero for the whole year.
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