Italy delays balanced budget by 2 years

The Italian government has warned it will miss by two years its pledge to balance its budget by 2013. And it has pointed to a deeper-than-expected recession as the reason.rocketballz driver

A gloomy growth forecast for Italy’s economy. ping drivers

The government led by Prime Minister Mario Monti projects that the Italian economy will shrink this year by 1.2 percent, more than previous projections of a 0.4 percent contraction.

Italian Prime Minister Mario Monti speaks during a news conference at Chigi palace in Rome April 18, 2012.

The economic and financial forecasts, which were approved by the Cabinet, also said the country’s deficit will be 0.5 percent of GDP in 2013, and 0.1 percent of GDP the next year.ping irons

It now expects to balance the budget by 2015.

In addition to a weak economy, Italy’s Deputy Economy and Finance Minister said the country’s contribution to huge bailout loans for Greece, Ireland and Portugal had also pushed back its budget target.r11s driver

Italy’s Deputy Economy and Finance Minister Vittorio Umberto Grilli said, "Italian debt will feel the weight of the aid that Italy and other countries have pledged to bailout plans for Greece, Ireland and Portugal. So it is important to evaluate our structural debt net of these extra weights."

Italy’s enormous debt load pushed up the country’s borrowing costs on the international debt markets to dangerous levels last year. This was later eased back thanks to the European Central Bank’s program offering one trillion euros in low-interest loans to Europe’s banks, which helped lenders buy up their governments’ debt and drive down borrowing costs.callaway irons

After the borrowing costs spiked, then Prime Minister Silvio Berlusconi last summer announced spending cuts aimed at balancing the budget by 2013. But Monti’s government, which took office in November, said the economic climate had deteriorated since December, requiring a revision of the estimates.

But Italy’s own outlook is still more optimistic than that of the International Monetary Fund, which doesn’t expect Rome to balance its budget until at least 2018.r11 driver

Italian Prime Minister Mario Monti (R) speaks next to Industry Minister Corrado Passera during a news conference at Chigi palace in Rome April 18, 2012.

A women looks at a perfume shop downtown in Rome April 18, 2012.

South African star swimmer Townsend misses Olympic mark

DURBAN, April 18 (Xinhua) -- South Africa's Darian Townsend, winner of the men's 4X100m relay at 2004 Athens Olympics, failed to reach the Olympic mark of the 200m freestyle Wednesday despite winning the race at the South African national swimming championships.taylormade drivers

He finished in one minute 47.88 seconds, 0.06 seconds outside the qualifying mark for the 2012 Olympic Games in London.taylormade irons

Townsend, who won gold at the 2004 Athens Games in the relay with Roland Schoeman, Lyndon Ferns and Ryk Neethling, will get further chances this week to book a ticket to the Olympics.callaway drivers

"Missing the qualifying time is a little bit disappointing, but I still have the 200m individual medley, which is my main event, and the 100m freestyle to come," the 27-year-old said.taylormade r11 driver

"My best shot of getting a medal in London is going to be the 200m individual medley and the 4x100m freestyle relay and the 200m freestyle clashes with the relay.

"It would have been a tough decision to make -- now that decision is kind of made for me," Townsend said.

Meanwhile, Charl Crous boosted his chances of going to the Games by timing below the qualifying time in the semifinals and final en route to 100m backstroke success.taylormade rocketballz driver

No South African swimmer won a medal at the 2008 Beijing Olympics.taylormade r11s driver

Annan: Too early to say Syria plan has failed

UN-Arab League envoy Kofi Annan earlier visited Syrian refugees at a camp near the Turkish-Syrian border. At a news conference held after his return, Annan insists that his plan has not failed. In a letter to the UN Security Council, he further urged Syrian authorities to "seize the opportunity to make a fundamental change" by implementing the plan.

Chanting in jubilation.Wilson BLX Tennis Racquets

Hundreds of Syrian refugees greeted Kofi Annan upon his arrival.Babolat Aero Racquets

The UN Arab League envoy paid a visit to this refugee camp in Turkey’s Hatay province.

U.N.-Arab League envoy Kofi Annan, center, is welcomed by Syrian refugee children upon his arrival at Yayladagi refugee camp in Hatay province, Turkey, Tuesday April 10, 2012.

Syria has until 6 am on April 12th to bring about a "cessation of all hostilities". But that is looking increasingly unlikely after a series of cross border attacks on refugees.

After his return, Annan held a news conference.

He says in light of the recent increase in refugee flows from Syria to Turkey, it is obvious that there is an escalation of military activities in Syria.Babolat Pure Drive Racquets

But there is still time for Syria to comply with his peace deal.

Annan said, "So let me again appeal to the Syrian government and the Syrian parties to cease violence in accordance with the plan, and I believe there should be no preconditions for stopping violence. That is something we need to do for the people and for the country concerned."Wilson Tennis Racquets

Syrian opposition leaders say they remain committed to the ceasefire. But they have seen no signs of the large-scale troop pullback that President Assad is committed to.Babolat Tennis Racquets

The truce is widely seen as the last chance for diplomacy, and its collapse could push Syria even closer to an all-out civil war.