Italy cuts 2016 growth forecast to 0.8% (from 1.2% previously)

Italian PM Renzi announcing, via Reuters

• Italy revises 2016 deficit forecast to 2.4 pct of GDP from 2.3 pct, 2017 to 2.0 pct of gdp from 1.8 pct
• Cuts 2016 growth forecast to 0.8 pct from 1.2 pct previously, 2017 to 1.0 pct from 1.4 pct

• Italy's deficit could rise to 2.4 pct of gdp in 2017 taking into account extra spending on migration and earthquake reconstruction

On that last point, Renzi also indicating the earthquake reconstruction costs will have him invoke an exceptional circumstances clause in dealing with the EU