Italian PM To EU: 'No Room' For Modifications On Budget
Faizan Hashmi Published October 18, 2018 | 02:15 AM
Brussels, (APP - UrduPoint / Pakistan Point News - 18th Oct, 2018 ) :Italian Prime Minister Giuseppe Conte warned Wednesday that Rome would not change a government budget for 2019 that defies EU rules, putting Rome on a collision course with Brussels.
"Room (for changes), I would say there is none," Conte told reporters as he arrived for a two-day European Union summit in the Belgian capital dominated by Brexit, but where the state of Italy's finances is also a concern.
EU leaders are set to discuss the eurozone on Thursday, with harder line leaders -- most notably from the Netherlands -- expected to denounce Italy's decision to go on a public spending spree.
On the sidelines of the summit, Conte met Chancellor Angela Merkel of Germany, where criticism of Rome's populist government also runs high.
"I will send the message that we have a well-articulated budget, a budget to reverse the trend in the Italian economy," Conte said, before meeting Merkel.
"We want growth, and we want to do it in the interest of the country," he added.
Italy's coalition government submitted its draft 2019 budget to the European Commission on Monday and the EU executive is widely expected to raise its concerns later this week.
The spending boost is essentially due to what the government calls its "people's budget", a series of pension and tax changes that will cost 37 billion Euros ($43 billion), of which 22 billion will be paid for by expanding the deficit.
Brussels believes Rome needs to cut the deficit in order to begin reducing its massive debt, which exceeds 130 percent of annual economic output -- way above the EU's 60 percent ceiling.
The brash attitude of Italy's anti-establishment government towards public spending has spooked the markets, with many fearing a re-run of the debt crisis that nearly saw Greece kicked out of the eurozone.
Related Topics
Recent Stories
US ambassador meets Senate Chairman, discusses bilateral ties
UHS to issue MBBS degrees within three months after final result
Aiman Khan granted UAE Golden Visa
PSX achieves significant milestone, surpasses 72,000 mark
Pak Vs NZ T20I: Orphaned children extended special invitation to watch match
Finance Minister lauds UNDP’s unwavering support during floods
President Raisi leaves for Iran from Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
More Stories From World
-
Iran cuts Syria presence after strikes blamed on Israel: monitor
43 seconds ago -
Four injured as escaped army horses bolt through central London
47 seconds ago -
Biden pledges swift weapons delivery to Ukraine
11 minutes ago -
Ukraine attack drones strike Russia energy sites
31 minutes ago -
UK Rwanda deportation law leaves asylum seekers fearful
40 minutes ago -
More floods expected in China's Pearl River basin: ministry
41 minutes ago
-
Water release resumes after partial power outage at Fukushima plant
51 minutes ago -
Spain court says investigating PM's wife for graft
1 hour ago -
'So hot you can't breathe': Extreme heat hits the Philippines
1 hour ago -
Thousands in heatwave-hit Bangladesh pray for rain
1 hour ago -
China-Pakistan Investment and Trade Symposium held in Qingdao
1 hour ago -
Escaped army horses bolt through central London
2 hours ago