Debt Conflict: European Commission Rejects Italian Draft Budget

REUTERS  Lisi Niesner

"Of course, Italian public finances we cause a lot of hassle, but we do not have prejudices", was assured on Tuesday the president of the eu executive Jean-Claude Juncker in an interview with several television and radio stations in italy.

The budget Italian could be the subject of informal discussions between the heads of State and government of the EU on the occasion of a european summit on Thursday in Brussels. In Bali, where policy makers gathered for the annual meetings of the International Monetary Fund and the World Bank, Mario Draghi, the Italian president of the European Central Bank, sought to reassure his colleagues that a compromise would be found between the government's ambitions and the demands of financial stability.

Mr Juncker announced his rejection of the budget, which would increase Italian deficit spending to 2.4 percent of GDP, remarking that "saying yes would lead to violent reactions from other Eurozone countries", Il Giornale reports. That is below the EU's three percent limit, but EU officials believe the real costs will be higher, as the European Commission prepares to assess the plan. Sell On The Trumpets.

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Conte said the budget was founded on the need to boost investments, which had been lacking in Italy in recent years, and added that Italy's membership of the European Union was "unrenounceable". "Europe needs Italy and Italy needs Europe", Juncker said, answering "No" when asked if Europe could survive an Italian exit.

He said: "I am not going to Moscow because they pay me in roubles, as some have written, but because the problem is resolved with dialogue not with embargoes".

Goldman concludes that while it does not expect the EC to initiate a formal procedure vis-à-vis France, the EC will likely send a formal warning to Italy to initiate a significant deviation procedure. European Union officials hope that during that period the government will be open to talk with the European Union and make adjustments to its budget, though they concur that a lot will depend on how investors react to this standoff and the willingness of the country's leadership to cave in to market pressure.

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The UPU is a 144-year-old United Nations treaty that coordinates worldwide postal policies. Postal Service and American retailers".

"I have read Oettinger's comments and I repeat that they should stop invading our field and just let the Italian government work", Deputy Prime Minister Matteo Salvini said on Facebook.

Meanwhile, the earlier news of a warning about a potential sovereign credit rating downgrade and the Spiegel news have pushed Italian 10Y yield 7bps higher, back over 3.50 percent, erasing most of yesterday's gains.

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