June 27, 2016 / 4:07 PM / a year ago

Italy to ask Germany for more leeway on budget, state aid rules

ROME (Reuters) - Italian Prime Minister Matteo Renzi will use a meeting with his German and French counterparts on Monday to request more flexibility in European Union rules on public finances and state aid to companies, a government source said.

Italy Prime Minister Matteo Renzi looks on during a news conference at Chigi Palace in Rome, Italy June 20, 2016. REUTERS/Tony Gentile

Italy was already granted what the European Commission called “unprecedented” flexibility over its 2016 budget, and is now preparing its 2017 budget.

Rome is also looking at ways to support its banks, which are saddled with 360 billion euros ($395.06 billion) of bad loans and whose share prices have tumbled since Britain voted to leave the EU in Thursday’s referendum.

($1 = 0.9112 euros)

Reporting By Giuseppe Fonte, writing by Gavin Jones

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