Worldwide

Italian PM to EU: 'No room' for modifications on budget

Italian PM to EU: 'No room' for modifications on budget”

European Union sanctions against Russian Federation are damaging Italian businesses, Prime Minister Giuseppe Conte said on Tuesday, underscoring growing unhappiness in Rome over the long-running curbs on Moscow.

Arriving at the EU summit in Brussels, Conte acknowledged that budget plans to boost welfare spending, cut the retirement age and hike the deficit were unlikely to please the European Commission, which polices euro zone states' fiscal policies. In an interview with Italian journalists by the head of the European Commission added that if Italy does not comply, it may cause a violent reaction of its European partners.

"I don't want us to overdramatize this budget issue, but I want us to return to the application of the European Union rules, not in a strict fashion, but in a fair and wise way", Juncker said.

While the 2.4 percent deficit projected for 2019 is well below the EU's 3 percent limit, it is up sharply from a targeted 1.8 percent this year.

If the European Union executive arm thinks there is a risk of Italy's finances going seriously off track then it must raise the alarm with the government within a week, and issue a negative opinion requesting revisions to the budget within two.

Italian ministers, who have repeatedly bristled at what they see as unnecessary interference from Brussels, urged greater respect for Rome. Although any such procedure is unlikely to end with the application of fines, it would likely generate further tensions between Italy and the EC, and increased volatility in the Italian sovereign bond market.

The magazine later corrected its report and said a letter from the commission would only come after final discussions between Moscovici and the Italian government. "I am increasingly convinced that the financial lobbies in Brussels can not accept our presence in the government", he said.

He said: "I am not going to Moscow because they pay me in roubles, as some have written, but because the problem is resolved with dialogue not with embargoes". It rejects Rome's argument that the package can lower debt by expanding the economy.

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

In what could be a further source of concern, Deputy Prime Minister Luigi Di Maio, leader of the 5-Star party, said on Wednesday a legislative text on a partial tax amnesty had been "manipulated" before its final approval.

The debt of Italy is mainly concentrated in its banks.

Italy submitted the draft budget at the last minute on Monday night.



Like this

loading...
loading...

Latest


30 August 2019
The FIBA Basketball World Cup Is Starting, Can Someone Stop Team USA?
The two Balkan sides have a bunch of NBA stars in their ranks, as well as players from the top European basketball leagues. The teams will then have the chance to rest for 2 days, before returning for the second group stage on September 7 th .

07 August 2019
Is Downsizing to a Smaller Home a Smart Decision?
Game of Thrones Slot Based on the hugely popular Game of Thrones TV series, this slot has gained its popularity due to that show. Those looking to change their lives with a huge win are all now heading over to the Mega Moolah slot game to try their luck.

19 October 2018
LeBron James: Lakers' Team Chemistry Not Like "Instant Oatmeal"
James opted out of his contract with Cleveland in the offseason and agreed to a four-year deal worth $154 million with the Lakers. But still, some of Los Angeles' perceived issues popped up, particularly their lack of three-point shooting.

19 October 2018
What Canada’s legalization of marijuana means for travelers
Canada has become largest country with a legal national marijuana marketplace as sales began early Wednesday in Newfoundland . Pyxus International Inc. led the gains, rising as much as 8 percent as of 11:25 a.m.in NY on higher-than-average volume.

19 October 2018
UK PM says open to longer post-Brexit transition
Chequers did, after all, result in the resignation of then-Foreign Secretary Boris Johnson and then-Brexit Secretary David Davis. For all her "wittering" at the dispatch box about backstops , she "can get nothing worth having through parliament or the EU ".

19 October 2018
Test great's stunning prediction for Pakistan's Aussie destroyer
The left-arm seamer quickly threw the ball towards wicket keeper Tim Paine , who took down the stumps to dismiss Azhar Ali. Australian opener Usman Khawaja could not bat after suffering a recurrence of a knee injury during practice on Thursday.

19 October 2018
Congressman who body slammed reporter is 'my kind of guy'
Trump was speaking at a rally in Missoula, Mont., where the president was campaigning for a Republican challenger to Sen. The Guardian US editor John Mulholland took aim at Trump's remarks.

19 October 2018
Donald Trump concedes Saudi journalist Jamal Khashoggi likely dead, threatens consequences
Khashoggi disappeared on October 2 after entering Saudi Arabia's consulate in Istanbul, sparking worldwide outcry and concern. Trump has largely stood by the Saudis over the past week or so as they've repeatedly denied involvement.

19 October 2018
Rihanna turned down NFL Halftime Show in solidarity with Colin Kaepernick
Colin kneeled during the national anthem to protest oppression of black people and other minorities at NFL games in 2016. Why? Well, the magazine reports Rihanna turned down the league due to her stance on the national anthem controversy.

19 October 2018
Magnolia Banner News NBA prepares to start 73rd season tonight
This season's team will split the difference between last season's "Ugh, do we have to?" campaign and the 2015-16 tour de force. Are they trying to get these young guys ready for next year or are they going to try to win this year with those old guys.