Italy approves deficit-hiking budget, awaits EU's verdict

Italy approves deficit-hiking budget, awaits EU's verdict

Prime Minister Giuseppe Conte, who was elected to the post by Salvini and his coalition partner, M5S leader Luigi Di Maio, echoed Salvini's comments that the coalition was sticking to its pledges.

The European Commission is "very likely" to reject Italy's 2019 budget plan because it's not compatible with the bloc's rules, Commissioner Guenther Oettinger said. The budget proposes increasing both Italy's overall government debt and its deficit in the short run, pushing the deficit as high as 2.4% of GDP over the coming years. However, under European Union rules they are meant to apply for asylum in Italy and not allowed to move to a third country.

"We're going to have a debate virtuous with our Italian friends, who know that their public debt level is too high and that the project budget does not meet in full the recommendations of the Council of ministers, the european Council", he added, stressing the" difference between what was promised and what is presented today".

Late on October 15 the coalition approved the 2019 budget bill that boosts welfare spending, cuts the retirement age and hikes deficit spending. It rejects Rome's argument that the package can lower debt by expanding the economy.

Economy Minister Giovanni Tria said he was confident he could explain to the Commission that Italy needed to raise spending to offset a slowing economy, and described the 2.4 percent deficit target as "normal".

More news: Major League Baseball investigating Houston Astros' photographer during ALCS vs. Boston Red Sox
More news: Sloane Stephens qualifies for WTA Finals & Caroline Garcia wins Tianjin Open
More news: Craig Revel Horwood: Strictly Come Dancing judges do not fix scores

"Europe works according to pre-established rules before the arrival of governments", Juncker said.

"The idea that this budget can blow up Europe is totally unfounded", he said.

Thanos Vamvakidis, head of G-10 FX strategy at Bank of America Merrill Lynch, told CNBC Tuesday that Italy was breaking the rules.

Salvini on Wednesday called the reported drop-off of the two migrants in a wooded area by two French paramilitary gendarme police - whose van then allegedly drove back across the border at high speed - "an unprecedented affront to our country" and "an global disgrace". Last week, Italian stocks briefly slipped into a bear market, and while they have rebounded a little, they remain subdued - although Italy's benchmark share index, the FTSE MIB is more than 1% higher on Tuesday. A survey by pollster Demopolis on Friday showed 52 percent backed the plan, compared with 38 percent who gave it the thumbs down.

On Monday night, the coalition approved the 2019 budget bill that boosts welfare spending, cuts the retirement age and hikes deficit spending.

Related Articles

  • Robert Mueller almost  ready to present findings on collusion, obstruction

    Robert Mueller almost ready to present findings on collusion, obstruction

    Unfortunately, it's unclear whether the public will actually see those findings-that's up to Mueller's boss, Rod Rosenstein . The special counsel has also charged two others, as well as 13 Russian nationals and 12 Russian intelligence officers.
    Your Apple Watch could monitor how you’re recovering after a hip op

    Your Apple Watch could monitor how you’re recovering after a hip op

    By contributing to a related study, Apple is getting involved in one of the biggest and fastest-growing segments of medicine. Considering the aging population, more people are expected to need knee and hip replacement surgeries in the coming years.
    Keira Knightley Has Banned Her Daughter From Watching Two Disney Films

    Keira Knightley Has Banned Her Daughter From Watching Two Disney Films

    The Bend It Like Beckham actress is typically private about her family life but also opened up about Edie's dream profession. It makes sense for Knightley to want her daughter to not have such influences at such a young age.
  • Bellinger hitting leadoff for Dodgers vs Brewers in Game 5

    The backup catcher batted.205 with four home runs and 14 RBIs on the season and was 1 for 7 in the playoffs coming into Game 5. Mike Moustakas also went 0 for 6, while Jonathan Schoop, Jesus Aguilar and Orlando Arcia were a combined 2 for 15.
    Floyd Mayweather tells UFC's Khabib Nurmagomedov 'come into my world'

    Floyd Mayweather tells UFC's Khabib Nurmagomedov 'come into my world'

    Mayweather, 42, who has a ideal record of 50-0 in the ring, heeded the call by telling broadcasters to " get the checkbooks out ". Let this guy enjoy his win and then we'll figure it all out". [But] in the jungle there is only one king.

    Hitman 2's First Elusive Target Mission Stars Sean Bean

    Actor Sean Bean will voice the character Mark Faba in Hitman 2's first Elusive Target mission, Kill the Undying . Well, now, you'll be able to kill Sean Bean for yourself following the release of Hitman 2 next month.
  • SPOILER Top Indy Star Makes WWE NXT TV Debut

    SPOILER Top Indy Star Makes WWE NXT TV Debut

    After the match, Nikki Cross showed up to laugh at Ohno, then left, which makes sense. -Segment involving Tommaso Ciampa . They said they demolished War Raiders and people will fear NXT because it belongs to The Undisputed Era.
    Hundreds of dietary supplements contain potentially harmful' ingredients, study finds

    Hundreds of dietary supplements contain potentially harmful' ingredients, study finds

    Therefore, they do not have to adhere to the strict rules or be subject to regulatory oversight like pharmaceuticals. Between 2007 and 2016 the FDA issued warnings about 776 supplements that were adulterated with unapproved drugs.
    The Pixel 3 XL features a Samsung display after all

    The Pixel 3 XL features a Samsung display after all

    Now that the Pixel 3 XL is out in the open, it was just a matter of time until someone disassembled it. Titan M boasts completely independent computation alongside secured flash to further resist tampering.
  • Religious schools can t turn away gay students Australia PM

    Religious schools can t turn away gay students Australia PM

    Dave Sharma, Liberal candidate for Wentworth, also said he believed independent schools should "absolutely not" have the right to discriminate against gay teachers.
    Bigg Boss 12: Dipika vs. Deepak in ‘Ghoda Gaadi’ luxury budget task

    Bigg Boss 12: Dipika vs. Deepak in ‘Ghoda Gaadi’ luxury budget task

    Other contestants will be the Ghoda (Horse) and they have to run the maximum distance to collect carrots. This left both Jasleen and Sourabh anxious about their image while Anup Jalota had the last laugh.
    Djokovic wins a record fourth Shanghai Masters title

    Djokovic wins a record fourth Shanghai Masters title

    With the 1000 points he garnered for winning the title, Djokovic would change places with Roger Federer as world number two. But the Ukrainian's nerves were on display in the long final game of the match, serving a total of three double faults.