EU warns Italy on budget but walks a fine line

During a visit to Moscow Matteo Salvini said that Rome might block the renewal of sanctions that have been in place since 2014

"If Brussels says I can not do it, I do not care, I will do it anyway", Salvini said last week, referring to the budget's implementation.

"We'll explain", she said his deputy Prime minister, Luigi Di Maio, a leader of the Movement 5 stars (M5S, antisystème), while hammering: "there is no willingness to leave the euro zone and the european currency".

The EU letter also noted that Italy's Parliamentary Budget Office watchdog refused to validate the budget saying its economic assumptions, including a 1.5 per cent economic expansion in 2019, were too optimistic.

Italy suffered another rocky day on the financial markets Friday, as European Economic and Financial Affairs Commissioner Pierre Moscovici wound up the second day of a two-day visit to Rome during which he delivered a letter from the European Commission to Finance Minister Giovanni Tria asking him for clarification on Italy's draft budget. Moreover, the letter also spoke about the budget deficit which, on the basis of the Italian budget plan, would increase to about 0.8% of the country's 2019 GDP even as the European Union has allocated the country's potential budget deficit to only about 0.6% of its 2019 GDP.

The extra yield that investors demand on Italy's 10-year bonds over comparable German notes rose to 327 basis points on Thursday, the highest level in over five years.

In the first formal step of a procedure that could lead to Brussels rejecting the budget and to fines against Italy, the Commission sent Rome a warning letter on Thursday.

"I cannot imagine the euro without Italy and Italy without the euro, " Moscovici said after his meeting with Tria during which he delivered the letter.

Indian government minister steps down as country's #MeToo movement gains traction
The private complaint has sought prosecution of Ramani, who has accused Akbar of sexual misconduct around 20 years ago. They also have often cited their failed efforts to get justice through regular channels.

Italy's budget proposal is considered out of line with commitments made earlier, with a proposed deficit of 2.4 per cent. We feel comfortable on the continent, the rules of which we all want to change.

Luigi Di Maio told a late-night talk show that the draft presented to the Italian president contained a proposal to extend a tax amnesty on money held overseas and brought back to Italy.

"A harsh rebuke and the threat of further measures would likely boost the popularity of the populist coalition government", giving Italy's governing parties "an invaluable narrative to use during the campaign for the European elections in May", Piccoli said.

But Salvini offered to drop the measure and a compromise was hammered out at a coalition meeting on Saturday, followed by a cabinet meeting that approved the law decree.

He said the 5-Star, founded by comedian Beppe Grillo, was working to present in January-February a programme that brought together similar grassroots movements from other European countries with the goal to "give back a heart and humanity to European institutions".

Conte said on arrival at the European Union summit that the budget plans boost welfare spending, cut the retirement age and hike the deficit, and acknowledged they were unlikely to please the commission.

Matteo Salvini, the leader of the League party, called the accusation "surreal".

Related news:

Hot News

isis-killer-beheading-video-story-top Tesla Announces $45,000 Mid-Range Model 3
Oct 22, 2018 - 19:06
On Thursday, Elon Musk unveiled a new "lower cost, mid-range" Tesla Model 3 vehicle coming in at around $45,000. Thursday's move to launch a version of a Model 3 with a slightly lower price is progress in this direction.

isis-killer-beheading-video-story-top India win Guwahati one day worldwide beating West Indies by 8 wickets
Oct 22, 2018 - 18:58
The Delhi batsman's post-match comment has left his fans wondering if Virat Kohli is planning an early retirement. Shimron Hetmyer (L) of West Indies celebrates with teammate Jason Holder after scoring his third ODI hundred.

isis-killer-beheading-video-story-top Ranveer and Deepika Wedding Confirmed on 14th November
Oct 22, 2018 - 18:45
Deepika was quick to show a photo of herself and Ranveer, declaring him as a family already. Deepika was seen on the show with Alia Bhatt , who is now dating Ranbir.

isis-killer-beheading-video-story-top Prince Harry speaks about "newest addition" to his family
Oct 22, 2018 - 18:19
The Duke and Duchess of Sussex held hands as they walked along the Kingfisher Bay Jetty in Fraser Island on Monday. "It's a bit of a double whammy for her, she said, as she has both the baby and jet lag to contend with".

isis-killer-beheading-video-story-top Purdue burns Ohio State with fake FG, which leads to TD
Oct 22, 2018 - 17:25
Big props to Washington State after they upset No. 12 OR and shut down one of college football's top passers in Justin Herbert. Now? It boils down to one or the other on November 24 - assuming, of course, neither stumbles again before then.

isis-killer-beheading-video-story-top Saudi Arabia says journalist was murdered, blames rogues
Oct 22, 2018 - 17:04
Britain, France and Germany also urged Saudi Arabia to provide "credible" facts for its explanation about the killing of Khashoggi.

isis-killer-beheading-video-story-top Eden Hazard: I can finish with Chelsea
Oct 20, 2018 - 15:03
Hazard has scored a total of 97 goals in 310 outings for Chelsea since joining the club in 2012. Buck says he and the club will do what they can to keep the star forward.

isis-killer-beheading-video-story-top Team Canada arrives in Australia for the Invictus Games
Oct 20, 2018 - 14:17
Meghan struck up conversation with a fellow new mother during her visit to the Woodley family at their Mountain View farm. Four-year-old Olivia Rose Ryan was one of the last to see the duke and duchess as they left the beach.

isis-killer-beheading-video-story-top Here’s how Bill Belichick reacted to the Red Sox ALCS win
Oct 20, 2018 - 14:00
With five days before the start of the World Series, Boston Red Sox manager Alex Cora has time to line up his pitching rotation. In reality, the ball landed just shy of the warning track, a harmlessly loud out that landed in the glove of Mookie Betts .

isis-killer-beheading-video-story-top Michael Vaughan would 'poop his pants' facing Pakistan fast bowler Mohammad Abbas
Oct 20, 2018 - 11:29
Australia will now face Pakistan for a three-match T20I series, starting October 24 at the Sheikh Zayed Stadium in Abu Dhabi. It was Australia's heaviest defeat against Pakistan , beating the 356-run hammering at this same venue four years ago.

isis-killer-beheading-video-story-top Federal Bureau of Investigation asking for help in search for missing Wisconsin girl
Oct 20, 2018 - 10:06
Barron County Sheriff Chris Fitzgerald Tuesday said Closs is not a runaway and is not a suspect in her parents' deaths. He emphasized that people should use the tip line at 1-855-744-3879 if they have any information regarding the case.

isis-killer-beheading-video-story-top Paul Manafort Is Giving Mueller’s Team Information On Roger Stone
Oct 20, 2018 - 09:45
Manafort is now cooperating with prosecutors and that had been delaying his sentencing date. Ellis, though, expressed concern about waiting too long to schedule a sentencing hearing.

isis-killer-beheading-video-story-top What happens if you win Mega Millions’ $970M jackpot?
Oct 19, 2018 - 19:17
On top of that, Ascienzo adds, Mega Millions also doubled its ticket price to $2, which has also contributed to the growth. Officials raised the estimated jackpot Thursday for the second time due to strong sales ahead of Friday night's drawing.

isis-killer-beheading-video-story-top ‘It certainly looks like’ Khashoggi is dead, consequences will be ‘severe’
Oct 19, 2018 - 17:28
A Turkish forensic police officer searches for evidence at the Saudi Arabian consulate on October 17, 2018 in Istanbul . When asked whether he believes Khashoggi is dead, the president told reporters, "It certainly looks that way to me ".

isis-killer-beheading-video-story-top Ugly scenes as Indian temple prepares to accept women
Oct 18, 2018 - 10:54
Two years ago, activists successfully campaigned to end a ban on women entering the Shani Shingnapur temple in Maharashtra state. Lord Ayappa, the presiding deity of the temple, is considered to be celibate by the devotees.