6 hours agoThe European Commission will punish Italy with 3.5 billion euros?
Periskopi(7 years ago)
(7 years ago)The European Commission is reviewing disciplinary measures against Italy because of public debt, which could result in a penalty worth 3.5 billion euros, the agency “Bloomberg” reports, referring to a well-known official on the issue. This action, which is expected to be followed on June 5th as part of the regular process [...]
The move, which is expected to be followed on June 5th as part of Italy's regular budget monitoring process, has marked an escalation in the budget dispute between Rome and Brussels that rocked the market at the end of 2018, estimates the headquarters agency in New York.
An anonymous official, however, said the decision has not yet been finalised, while Italy's Ministry of Finance declined to comment on the issue.
Under EU fiscal regulations, bloc members must maintain the budget deficit below 3.0 per cent of GDP and debt below 60 per cent of GDP.
The countries, whose debt exceeds this level, are obliged to gradually reduce it to a satisfactory pace.
Italy's 132 per cent public debt of GDP is more than twice the EU limit and, according to the EC, will not be reduced rapidly.
Italian Deputy Prime Minister Mateo Salvini indicated today that he would ignore EU requirements when Italy's future budget is approved.
