• IMF’s deficit will be 2.4% of GDP this year vs 1.6% target
  • Deficit will be 1.5% in 2013 versus balanced budget target
  • More from Reuters

The debt market is taking it easy on Italy today, with 10-year yields down 12 bps to 5.47% but that’s well-above the March low of 4.68%.

Update: Reuters has now obtained a draft document from Italy that says the official estimate will be raised to 1.7% this year and 0.5% in 2013.

The only questions is: how long until it’s revised higher again.