Italy's Renzi pledges to hike budget deficit if he wins electionROME (Reuters) - Former Prime Minister Matteo Renzi said on Thursday that if he wins next year s election he will slash taxes and sharply raise Italy s budget deficit rather than lower it as European Union rules require.  We ll take the deficit back up to 2.9 percent (of gross domestic product), cutting taxes by 30 to 50 billion euros  ($59.14 billion),  Renzi, the leader of the ruling Democratic Party (PD) said in an evening television interview. Italy has committed to cutting its deficit to 1.6 percent of GDP next year from a targeted 2.1 percent this year, and to balance its budget in 2020. Brussels says reining in the annual deficit toward zero is necessary to bring down Italy s huge public debt of 132 percent of GDP, the highest in the euro zone after Greece s. Ahead of the election to be held by May, all the main parties have come out strongly against the EU s so-called  fiscal compact , agreed in 2012, which sets tough deficit and debt-reduction goals for high-debt countries like Italy. Renzi resigned as prime minister in December last year after losing a referendum over his plans for constitutional reform, and was replaced by his former Foreign Minister Paolo Gentiloni. He first floated the idea of hiking the deficit in a book he published in July, but the suggestion drew a cool response from Italian government ministers and the EU. The PD is running neck-and-neck with the anti-establishment 5-Star Movement, according to opinion polls, but the surveys suggest no party or coalition is likely to win a working majority in parliament.   worldnews
italy rez pledges hike budget deficit wins electionrome reuters former prime minister matter rez said thursday wins next year election slash taxes sharply raise italy budget deficit rather lower european union rules require we take deficit back percent gross domestic product cutting taxes billion euros billion rez leader ruling democratic party pd said evening television interview italy committed cutting deficit percent gdp next year targeted percent year balance budget brussels says reigning annual deficit toward zero necessary bring italy huge public debt percent gdp highest euro zone greece ahead election held may main parties come strongly eu fiscal compact agreed sets tough deficit goals countries like italy rez resigned prime minister december last year losing referendum plans constitutional reform replaced former foreign minister paolo gentiloni he first floated idea hiking deficit book published july suggestion drew cool response italian government ministers eu the pd running movement according opinion polls surveys suggest party coalition likely win working majority parliament worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Italy's Renzi pledges to hike budget deficit if he wins electionROME (Reuters) - Former Prime Minister Matteo Renzi said on Thursday that if he wins next year s election he will slash taxes and sharply raise Italy s budget deficit rather than lower it as European Union rules require.  We ll take the deficit back up to 2.9 percent (of gross domestic product), cutting taxes by 30 to 50 billion euros  ($59.14 billion),  Renzi, the leader of the ruling Democratic Party (PD) said in an evening television interview. Italy has committed to cutting its deficit to 1.6 percent of GDP next year from a targeted 2.1 percent this year, and to balance its budget in 2020. Brussels says reining in the annual deficit toward zero is necessary to bring down Italy s huge public debt of 132 percent of GDP, the highest in the euro zone after Greece s. Ahead of the election to be held by May, all the main parties have come out strongly against the EU s so-called  fiscal compact , agreed in 2012, which sets tough deficit and debt-reduction goals for high-debt countries like Italy. Renzi resigned as prime minister in December last year after losing a referendum over his plans for constitutional reform, and was replaced by his former Foreign Minister Paolo Gentiloni. He first floated the idea of hiking the deficit in a book he published in July, but the suggestion drew a cool response from Italian government ministers and the EU. The PD is running neck-and-neck with the anti-establishment 5-Star Movement, according to opinion polls, but the surveys suggest no party or coalition is likely to win a working majority in parliament.   worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: italy rez pledges hike budget deficit wins electionrome reuters former prime minister matter rez said thursday wins next year election slash taxes sharply raise italy budget deficit rather lower european union rules require we take deficit back percent gross domestic product cutting taxes billion euros billion rez leader ruling democratic party pd said evening television interview italy committed cutting deficit percent gdp next year targeted percent year balance budget brussels says reigning annual deficit toward zero necessary bring italy huge public debt percent gdp highest euro zone greece ahead election held may main parties come strongly eu fiscal compact agreed sets tough deficit goals countries like italy rez resigned prime minister december last year losing referendum plans constitutional reform replaced former foreign minister paolo gentiloni he first floated idea hiking deficit book published july suggestion drew cool response italian government ministers eu the pd running movement according opinion polls surveys suggest party coalition likely win working majority parliament worldnews