France and Italy outlined extra measures to cut their budget deficits on Monday as they backed away from a full scale confrontation with the European Commission.
French finance minister Michel Sapin announced new savings worth €3.6 billion in a letter to eurozone commissioner Jyrki Katainen.
The extra savings would come from "lower interest expenses as a result of falling interest rates throughout the summer, or a reduction in future contributions to the European Union Budget ann...
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