Renzi says will end wasteful management of EU funds

EC denies reports Italy risks losing 41 bn euros

(ANSA) - Rome, August 13 - Premier Matteo Renzi said Wednesday that his government would change Italy's "model" for managing European Union funds to end mismanagement. "In the last few years and decades Italy has spent its European funds in the worst way possible," Renzi said during a visit to the site of Milan Expo 2015. "Our government will try to change the model by giving more money to strategic works and infrastructure projects". Renzi was speaking after the European Commission denied media reports that Italy risked losing up to 41 billion euros in structural funding for the 2014-2020 period for failing to present clear projects and co-financing plans for the cash.

Cabinet Undersecretary Graziano Delrio, widely considered Renzi's right-hand man, also dismissed the speculation in a government statement. "I can say that we are close to wrapping up the definitive text of the partnership agreement (with the EC) in September on the basis of the intense work carried out in recent weeks," Delrio said. "The 40 billion in EU funds in the partnership agreement that have yet to be stipulated today represent an opportunity to be spent right down to the last cent, not a risk of losing the money".