Monday, 22 October 2018

Italy defends budget despite European Union fears over high debt

Italy is standing by its troublesome budget, refusing to cut spending despite debt reaching 130% of GDP.
The level of debt is more than twice the European Union limit and second only to Greece, but Italy's prime minister responded to criticism by explaining the budget, rather than adjusting it.
When asked what he would do if the European Commission rejected the budget, Giuseppe Conte told reporters on Monday: "We will sit at a table and discuss it".

The commission says Mr Conte's spending plan will see Italy's deficit rise by 1.5% but he disputed this, saying the rise was only 0.4%.

He blamed the previous government for a higher deficit than had been forecast and said the base deficit was increased further by a postponed increase in value-added taxes.

SKY     News.

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