Rehn: Italy has hope of fiscal turnaround

European Finance Commissioner Olli Rehn told members of the Italian Parliament the goal of overcoming the country's financial woes is achievable. Rehn said Italy faces and uphill struggle. "As well as budget consolidation, ambitious measures are needed to relaunch growth, ensuring social equity," he said, ANSA reported Friday. Italy's deficit is widely reported to be 120 percent of the country's gross domestic product. Nevertheless, Rehn said Italy's goal of returning to fiscal balance was "attainable." Rehn was scheduled to talk with Premier Mario Monti and several key Cabinet members, as well as the director general of the Bank of Italy, Fabrizio Saccomanni.