The country previously promised it would bring its deficit below 3% by next year.
Italian centre-left leader Matteo Renzi took office on Saturday as his country's youngest prime minister.
Greek public sector workers have gone on strike for the second time in a week.
Germany is now suffering a contraction in business activity that has long dogged France, Italy and Spain.
Cyprus pleaded for a new loan from Russia on Wednesday to avert a financial meltdown.
The government of Cyprus is hoping to push a divisive tax on bank deposits through parliament.