rome former prime minister matteo renzi say thursday win next year election slash tax sharply raise italy budget deficit rather low european union rule require take deficit back 2.9 percent gross domestic product cut tax 30 50 billion euros 59.14 billion renzi leader rule democratic party pd say even television interview italy commit cut deficit 1.6 percent gdp next year target 2.1 percent year balance budget 2020. brussels say rein annual deficit toward zero necessary bring italy huge public debt 132 percent gdp high euro zone greece s. ahead election hold may main party come strongly eu so-called fiscal compact agree 2012 set tough deficit debt-reduction goals high-debt countries like italy renzi resign prime minister december last year lose referendum plan constitutional reform replace former foreign minister paolo gentiloni first float idea hike deficit book publish july suggestion draw cool response italian government minister eu pd run neck-and-neck anti-establishment 5-star movement accord opinion poll survey suggest party coalition likely win work majority parliament italy 's renzi pledge hike budget deficit win election