Reads like Renzi sold out to Brussels and the Italian exporters:

Italy Revises Budget to Avoid Clash With Brussels  (WSJ) Italy backed away from a clash with the European Commission over its 2015 budget on Monday by agreeing to use a €3.3 billion ($4.18 billion) reserve it had initially earmarked for tax cuts to reduce its deficit instead. The government of Prime Minister Matteo Renzi said it would now use the €3.3 billion of funds in reserve to help meet the EU budget requests. A further €1.2 billion from minor budget adjustments will also be redirected to satisfy Brussels. The funds will allow Italy to reduce its structural deficit by more than it had initially planned in its budget. Economy Minister Pier Carlo Padoan had already indicated that Italy could use the funds in reserve to address possible requests from the commission.