Fiscal nightmares that plagued Europe in the past are making a comeback, affecting Italy, France and other European countries. Last week, during a parliamentary hearing, Italy’s Finance Minister, Giancarlo Giorgetti, indicated the European Commission is likely to recommend that the Council initiate an excessive deficit procedure against Italy and several other countries. In early March, Italy’s national statistics office, Istat,revised the previous year’s deficit to 7.2% of GDP from 5.3%. Italy is set to unveil its Economic and Financial Document (DEF) this week, which will provide further ins…