techkenyot.com
techkenyot.com January 18, 2019


Italy won't backtrack on 2019 budget - Deputy PM Salvini

11 October 2018, 09:53 | Glen Norman

Image Italy's main share index fell 2.4

A general view of Palazzo Mezzanotte head office of the Borsa Italiana

But the main reason is the Italian budget deficit.

"If somebody in Berlin or Brussels thinks that the "reset" of dozens of migrants in Italy unauthorized Charter flights, they should know what the available airports and never will be" - said Salvini.

Italy's leading firebrands have responded to this public criticism from Brussels in a testy fashion, with Di Maio saying that "there is no plan B" and Italy "will not retreat" on its spending plans, while Salvini called Moscovici one of the "enemies" of Europe. He's in Berlin Monday for talks with officials including Economy and Energy Minister Peter Altmaier.

"We're not fighting against Europe but against the European Union that has become a totalitarian system", she said.

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"The EU was built on a lot of promises... but very few are realised or provide results... absolutely pathetic", she said.

Deputy Premier and Interior Minister Matteo Salvini said Tuesday he was sure Italians "are ready to give us a hand" and bring down the bond spread by converting their foreign bonds into Italian ones.

Mr Salvini, leader of the nationalist League party, attacked the European Commission and its senior figures and pledged to use next year's European elections fight back with a populist "front of freedom".

According to analysts at Danske Bank, in Europe the Italian Job continues to raise risks of "blowing the bloody doors off".

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"What we see is worrying", Klaus Regling, the head of the European Stability Mechanism, said in an interview with Bloomberg Television.

The government has to send a draft budget to Brussels by 15 October and European Union officials have signaled that their plans for a deficit of 2.4% of GDP next year will put them in breach of European Union rules.

"Recent levels of government bond yields do not reflect the country's fundamentals, and once the economic policy agenda is approved by parliament, the uncertainty that has weighed on government securities in recent months will disappear", Tria told parliament's finance committees.

The standoff is about to culminate as the Italian government will deliver a draft 2019 budget to the European Commission on October 15. The national parliament has to approve the budget law by year-end.

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