Italian state finances can absorb the negative impact of the crisis in the Middle East, Economy Minister Giancarlo Giorgetti said on Saturday, as the government prepares to update budget targets and growth estimates for 2026 and the following years. Giorgetti said he was still hoping for a downward revision of last year's deficit to 3% of national output from 3.1% by national statistics office ISTAT, a move that would allow Italy to exit the EU's excessive deficit procedure this year, ahead of time.