Italy 2012 deficit above target at 3 percent of GDP, debt hits record high

ROME (Reuters) - Italy's fiscal deficit fell to 3.0 percent of gross domestic product last year, above the government's most recent target and bang on the European Union's 3 percent ceiling, data showed on Friday.

The data may allow Rome to leave the European Commission's excessive deficit procedure imposing corrective measures on countries that exceed the 3 percent level.