Italy brushes off downgrade as it plans European Union budget response

Italian Interior Minister Matteo Salvini launched a tirage against the EU during his visit to MoscowMore

It also said that while the government's economic plans are supportive of growth in the near term they don't amount to a coherent program of reforms "that will lift Italy's mediocre growth performance on a sustained basis". That has never happened before.

Global credit rating agency Moody's late Friday downgraded Italy's ratings to Baa3, with a stable outlook, citing the "material weakening in Italy's fiscal strength" stemming from the revised budget deficits. Italian bonds were closed at the time of the announcement.

Conte said on arrival at the European Union summit that the budget plans boost welfare spending, cut the retirement age and hike the deficit, and acknowledged they were unlikely to please the commission.

I will continue to make the case that in Europe this principle applies: "responsibility and solidarity, liability and control - those are two sides of the same coin", she added to laud applause. It appears that Brussels has become increasingly anxious about fiscal deficits across the single currency area in the face of looming Brexit. The effect has been to push values down and the interest rate on government bonds, referred to as the yield, to more than three percentage points higher than safer German bonds.

"We'll explain", she said his deputy Prime minister, Luigi Di Maio, a leader of the Movement 5 stars (M5S, antisystème), while hammering: "there is no willingness to leave the euro zone and the european currency".

The budget drew stinging criticism from the EU's top economic affairs officials, who penned a letter to Rome describing its plans as "unprecedented" and warning that Brussels does not rule out rejecting the entire budget. "We would therefore ask for your arguments for not taking on board the PBO's opinion", the commission said.

Italy's deficit is now projected at 2.4 percent of GDP, far higher that the 0.8 percent estimate given by the earlier centre right government. This is not just because the planned 2.4 per cent headline deficit is too high to be within European Union limits.

More news: Nance Jr., Cavs agree to four-year contract extension
More news: Weinstein sex assault charge thrown out
More news: 20 dead after crash involving wedding limo in NY

In its review of Rome's budgetary plans, the EU Commission can raise concerns until Monday.

Salvini said Saturday he wasn't anxious about the downgrade or the criticism and that the Italian government was merely doing what was best for Italians.

The Italian government is looking to boost spending in the hope of engineering faster economic growth.

Brussels has demanded Italy cut spending and reduce its public deficit in order to pare down its debt pile.

The government's budget plan targets a decrease of the deficit to 2.1 per cent in 2020 and 1.8 per cent in 2021.

While Brussels has no real powers over countries' budgets, governments go to great lengths to avoid a reprimand because of the potential market implications it could have.

Related News:

  • Mega Millions jackpot inches closer to $1 billion

    Mega Millions jackpot inches closer to $1 billion

    Tuesday's Mega Millions winning numbers were 3, 45, 49, 61, 69 with a Mega Ball of 9 for a jackpot worth $667 million at the time. Michigan Lottery said the majority of tickets for a jackpot are purchased on the day of the drawing.
    Saudi considers admitting Khashoggi died in botched op

    Saudi considers admitting Khashoggi died in botched op

    Khashoggi has been a USA resident since he went into self-imposed exile a year ago over fear he could be arrested in Saudi Arabia. A Saudi source said on Monday that the Crown Prince has ordered an internal investigation of the disappearance.
    Israel orders immediate halt to Gaza fuel deliveries

    Israel orders immediate halt to Gaza fuel deliveries

    Israel said its troops had shot a group who broke through the fence with a bomb and attacked an army post. It said they planted an "explosive device" there, which blew up and "set the security fence on fire".
  • Khashoggi slain in consulate

    Khashoggi slain in consulate

    Adam Schiff of California said Saudi Arabia's claim that Khashoggi died in a brawl wasn't credible. "We're going to know over the next two or three days", Trump said.
    Liverpool's Fabinho says he is adapting to English football

    Liverpool's Fabinho says he is adapting to English football

    They are maybe, no, they are the best team in the world in these transitions, offensive, defensive, there is no team better in the world than that.
    Google+ to shut down after security flaw exposes users' private details

    Google+ to shut down after security flaw exposes users' private details

    Many have long suspected that Google + was in its final days, but nearly no-one could have predicted it would end like this. This should translate to only your default phone and texting apps having access to your call and SMS data.
  • Mexican police says migrants in caravan will cross border in orderly fashion

    Mexican police says migrants in caravan will cross border in orderly fashion

    Marcelo Ebrard, Mexico's foreign minister-designate, downplayed Trump's comments as aimed at his domestic political base. In a series of tweets, Trump said that if Mexico is incapable of stopping the immigrants, he will "call up the U.S.
    Netflix adds more subscribers than thought

    Netflix adds more subscribers than thought

    Sales grew 34 percent to $4 billion, meeting Wall Street forecasts. "That's a really good number for a market that's this mature". The after-hours jump, to $346 per share, means the stock price has climbed almost 70 percent since the beginning of the year.
    Grande and Davidson reportedly call off engagement

    Grande and Davidson reportedly call off engagement

    Last Friday, Grande released a music video for her new single "breathin", starring the couple's pet pig, Piggy Smallz. As for Davidson, he's continued to appear on SNL , even mentioning his former fiancee in a couple sketches.
  • Is Elon Musk launching a Tesla-themed tequila?

    Is Elon Musk launching a Tesla-themed tequila?

    Musk refuted the claims of FT's report stating that they were not true but refusing to comment any further. The settlement terms will have Tesla pay a $ 20 million fine, and Musk will pay a $ 20 million fine.
    Jamal Khashoggi case: Saudis defy 'threats' over missing writer

    Jamal Khashoggi case: Saudis defy 'threats' over missing writer

    Khashoggi was killed inside the mission and claims have been leaked to media that he was tortured and even dismembered. As investors took fright, Saudi stocks tumbled by around 7% at one point on Sunday, wiping out their gains for 2018.
    Saudi crown prince dismisses Trump remarks about reliance on U.S.

    Saudi crown prince dismisses Trump remarks about reliance on U.S.

    And I ask the Saudi authorities, where is your citizen?" But Saudi Arabia claim he entered and later left the mission on Tuesday. Trump told the rally "I love the king, King Salman.


Most liked

Bolt offered two-year deal by European club, says agent
Central Coast Mariners' Usain Bolt applauds fans after an A-League match. You sell him, so be it, that's the tough world of professional football".

CDC expresses concern over mysterious surge in polio-like paralysis cases
He says while the preceding illness may be a virus, there's no need to rush your child to a doctor just because they have a cold. The CDC reports it mostly affects children, and so far this year there have been 62 confirmed cases in the United States.

Ooredoo announces new offer for iPhone XR purchase
It is available in five colors with a price tag of $749 in the United States, £749 in the UK, and over €849 in Continental Europe. And the new Depth Control feature allows users to adjust the depth of field both in real-time and after the image is taken.

Astros possibly caught cheating in ALCS Game 1
The man was removed from the area "several times" by security personnel, a source told The Associated Press. The man, who did not have a credential, had a small camera and was texting frequently.

DAZN signs Canelo Alvarez to record US$365m fight deal
The signing of Alvarez kicks off the DAZN-boxing partnership with an exclamation point and plenty of zeroes. Promoter De La Hoya told ESPN: "Canelo is the highest-paid athlete in the world".

Sears/Kmart Closures Now Include Yorktown As Well As Mahopac Store
At its peak, the operator of Sears and Kmart had 4,000 stores in 2012 but will now be left with a little more than 500. The company previously announced it would be closing more than 180 Sears and Kmart stores across the country.

Cologne 'hostage situation': German police swoop on train station
A woman held hostage by the perpetrator was only "lightly wounded", police tweeted shortly after she was freed around 3:00 pm (1300 GMT).

Malicious Message Bug Is Crashing PlayStation 4, How To Protect Your Console
Another suggestion involves running a factory reset on your console, though you may want to look at that as a last resort. The offending messages apparently have the word "Juegas" and a odd symbol that can't be recognized by the PS4.

NASA Astronaut Nick Hague Thanks Rescuers, Supporters After Soyuz Rocket Launch Abort
Russia's RIA news agency reported that Russian Federation has immediately suspended all manned space launches after the failure. They were to join three of their colleagues at the International Space Station and to deliver supplies to the orbiting outpost.

Celebs and royals rub shoulders at Princess Eugenie's wedding
Some of the 850 guests included supermodel Naomi Campbell , singer James Blunt and actresses Liv Tyler and Demi Moore . Eugenie was "very proud" to share her X-rays for the first time in honour of Scoliosis Awareness Day, in June.

Girl, 11, killed when carport flew into grandparents’ home during Hurricane Michael
In addition to the 11-year-old, five other victims were killed in Florida and one in North Carolina, according to USA Today . The Coast Guard said it rescued at least 27 people before and after the hurricane's landfall , mostly from coastal homes.

Warning of heavy rain
Rainfall totals could reach as high as 150mm over the Brecon Beacons, almost as high as the monthly average of 170mm for Wales. Guests arriving at the royal wedding in a windy Windsor had to hold on to their hats, with gusts of up to 32 miles per hour .

Banksy Pranks Auction House, Shreds $1 Million Artwork
The work was signed in a heavy gilt frame, which, as it turned out in the end, was embedded and Schroeder. Ian Syer , co-Founder of MyArtBroker .com said: " Banksy is unique to the art world".

Kavanaugh Effect: GOP Fundraising Up 500 Percent in Past Few Weeks
Democrats point to the FBI's rather thin investigation of the charges against Kavanaugh, a process dictated by the White House. Brett Kavanaugh participates in his swearing-in ceremony in the presence of Donald Trump and Kavanaugh's wife and daughters.

Irish data regulator seeks information from Google on security bug
Ben Smith, Google's VP of Engineering, disclosed more information about the security issue, and how it was discovered. Google made the announcement in a blog post after the Wall Street Journal broke news of the vulnerability.





Most Commented