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14th December 2018 Italys Government Backs Down On Setting Its 2019 Budget
The European Union EU would have fined Italy for non compliance with EU fiscal rules if it did not change its budget for 2019.
The European Commission rejected Italys 2019 budget as it was going to borrow more to fulfil its promises to Italian voters.
The Italian government will now have to find 7 billion euros of savings in 2019.
- Italys citizens’ income scheme will not be brought in in January 2019. It will be delayed until March
- Changes will be made to retirement and pension plans to provide budget savings
21st November 2018 Difficult To See Where Compromise Will Come From
Italys Deputy Prime Minister Matteo Salvini said on Wednesday he was not open to negotiations over Italys budget deficit target of 2.4 percent of gross domestic product next year though other aspects of the budget could be discussed.
The European Commission has rejected Italys expansionary 2019 budget because it reverses a commitment to reduce borrowing made by the previous government.
14th November 2018 No Significant Change To Italys Budget ReSubmission Means Threat To Survival Of Eurozone Just Increased Today
Italy resubmitted draft 2019 budget to the European Commission EC with the same growth and deficit assumptions as the draft budget already rejected for breaking European Union rules.
- The EC says Italys economic growth assumptions in budget are too high
- Italys planned budget deficit is too big
- Italys debt increasing not reducing
Italys eurosceptic government is defying European Union EU fiscal rules which opens it to financial penalties being imposed by the EC.
The only concession offered by Italy in revised plan is to sell more state assets and to pay off debt faster.
EU fiscal rules require highly indebted governments such as Italy to cut their structural deficit and debt every year until government books are in balance or surplus in structural terms and public debt is below 60 percent of GDP.
Italy has a public debt of 131 percent of GDP the second highest in the EU after Greece and other euro zone finance ministers are worried Italy could trigger a sovereign debt crisis like that one that nearly killed the euro some years ago.
Markus Ferber a German conservative on the European Parliament’s Economic and Monetary Affairs Committee called on the Commission to be tough when it issues its assessment of the revised Italian budget on 21st November.
Italys Deputy Prime Minister Matteo Salvini warned the EU not to make a mistake of imposing financial penalties on Italy.
12th November 2018 Italys Debt Level Is Bad Enough As It Is Without Making It Worse?
The other side of the story could be that Italy needs more debt to get itself out of the hole it is in.
Italys budget crisis is raising broader concerns about the sustainability of its public debt and risks spreading turbulence to others European Central Bank Vice President Luis de Guindos said on Monday.
Italys draft budget has been rejected by the European Commission EC as it proposes to take on even more debt that is incompatible with its forecast economic growth levels.
6th November 2018 Euro Zone Forcing Italy To Change Its Budget For 2019
Euro zone finance ministers have formerly insisted Italy changes its 2019 budget before a deadline set for next week. Italy faces financial penalties if it refuses to change its budget.
Breaking EU fiscal rules holds the prospect of a fine of 0.2 percent of Italys GDP being imposed by the European Commission but to date it has never happened.
Italys Finance Minister Giovanni Tria said he was working on a compromise.
Italys proposed 2019 budget has been submitted for approval by European Commission. The 2019 budget breaks European Union EU rules because it entails an increase of 0.8 percent in Italy’s structural deficit next year rather than a required reduction of 0.6 percent in relation to gross domestic product.
Italy has until 13th November 2018 to send in a revised draft 2019 budget to be approved by the European Commission EC. Italy argue it needs to borrow more to grow its economy. If you are in the club you have to abide by club rules. Whether Italy will remain in the club is yet to unfold.
23rd October 2018 Italys Budget Rejected By European Commission EC
EC says Italys draft 2019 budget breaks European Union EU rules and is unacceptable to EC. The EC has asked Italy to submit a new budget within three weeks or face disciplinary action from EC. The EU could fine Italy up to 0.2 percent of GDP if it fails to amend its budget for 2019.
This is the first time the EC has asked a eurozone country to revise its draft budget.
Italy has second highest debt to GDP ratio in the EU after Greece. It costs Italians more than any other country to service its debt
To comply with the EU rulebook Italy would have to borrow less and will therefore have less money to fulfil public spending in Italy. The Italian government says it has no plans to change its 2019 budget.
19th October 2018 Italian Economy Almost Stagnating
The Italian economy grew just 0.1 percent in the third quarter of this year from the previous three months according to Bank of Italy estimate.
Italian economy still eurozones third largest economy
The Italian government has revised growth forecasts for 2018 to 1.2 percent.
17th October 2018 Italian Government Approves Budget That Contravenes European Union EU Deficit Rules
The Italian cabinet has signed off a budget for 2019 that will increase Italian debt and deficit. Other countries have had to cut their budget to me EU rules. This has resulted in other countries cutting pensions and benefits in their country. Meanwhile Italy plans to increase debt to help fund cutting the retirement age and increase welfare spending.
13th October 2018 Italy Is European Unions Biggest Threat Not Brexit
What will the European Union EU do with a problem like Italy. Italys budget problems could lead to the break up of the EU.
Italys new populist government wants to increase borrowing over the next three years to spend more and lower taxes.
However Italy already has the second highest debt problem in Europe after Greece but Italys economy is much bigger than Greeces. Italy is a much bigger problem for the EU than Greece. Italy presents an existential problem for the EU where as Greece did not.
In addition Italys bank threaten the whole banking system in Europe and beyond regardless of the Italian governments plans.
If Italy does increase its debt burden it will thumb its nose at European Union budget rules.
14th August 2018 Italy Bridge Collapse Kills At Least 20 People
A bridge in Genoa has collapsed killing at least 20 people. People fell in their vehicles on top of people 150 feet below the bridge.
8th August 2018 Slower Growth in 2019 Forecast
The Italian government is forecasting even slower economic growth in 2019. It is forecasting growth of 1.2 percent in 2018 and 1.1 percent in 2019.
Slower economic growth i Italy is of particular concern given its high debt level and plans to increase the debt pile even more.
6th August 2018 Trucks Collide And One Explodes Near Bologna
A lorry carrying cars collided on a bridge with another full of flammable materials. The bridge partly collapsed and fire spread to a car park below where several more vehicles exploded.
Two people have been killed and at least 60 injured.
3rd July 2018 Italy Drowning In Debt Limits Options For Italian Government
Italy has more than 2 trillion euros in debt. Italys banks are extremely weak and unlikely to recover strength soon. Italy can not afford to stay in eurozone and can not afford to leave it! The whole Euro Zone area would struggle to bail out Italy if it really needs to.
Threats that Italy will leave the euro are confounded by the fact it can not leave even if it wanted to. One of the biggest supporters of the euro is now one of the biggest threats to the survival of the eurozone. Many in the eurozone would rather force Italy out of the eurozone than help it recover.
19th June 2018 Italian Debt Reduction Still Key Aim For New Italian Government
Italy will try to reduce debt to protect investor confidence in the Italian economy according to Italian Economy Minister Giovanni Tria. Italy will stay on its debt reduction path so as to not scare away investors who may stop lending money to Italy if they think they are going to lose their money.
14th June 2018 Italy Could Block European Union EU Trade Deal With Canada
Italy will not ratify the EUs free trade agreement with Canada according to Italys agriculture minister. 28 EU member states must approve the Comprehensive Economic and Trade Agreement CETA. However Italy is not happy with the potential loss of farm products if Italy agrees to CETA.
7th June 2018 Weak Italian Growth
According to Italys statistic agency ISTAT it is likely that Italys economic growth will slow this year. Economic growth in the first quarter of 2018 was only 1.4 percent. Italy is therefore in danger of slipping into a recession.
Retail sales continue to fall month after month
28th May 2018 New Elections In Italy?
Political chaos in Italy will probably only be resolved by another round of elections.
Giuseppe Conte has failed to form a new government after the last elections several months ago. His anti-EU candidate for economy minister has been rejected by Italys president.
Recent surveys of Italian public opinion suggest Italexit is still long way off
17th May 2018 Italy Set To Ignore European Union EU Spending Rules
It will be interesting to see how the EU reacts to the Italian government massive increase in spending on top of an already profligate budgetary policy.
The EU expects members to limit government budget deficits to 3 percent of gross domestic product GDP and debt to 60 percent of GDP.. If member countrys do not comply they should face punishment. However the EU changes the rules depending on who the rule breaker is.
6th April 2018 Central Bank Of Italy Knows The Southern Europe Countries Need QE For A lot Longer
The Bank of Italy wants the European Central Bank ECB to maintain cheap money for significantly longer.
An executive board member Fabio Panetta said that its necessary to maintain current ECB policy of effectively making money cheap to borrow.
Italys central bank does not want to withdraw expansionary monetary policy until the Eurozone is growing fast. Germany on the other hand want to make borrowing more expensive as it has an overheating economy.
16th March 2018 Italys Banks Given Get Out Of Jail Card
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