'Times Have Changed': Italy Clings to Euro Amid Budget Row With Brussels


Italian Deputy Prime Minister Luigi Di Maio has announced that the country will not leave the eurozone despite the ongoing standoff between Brussels and Rome over the latter’s budget.

“As head of the Five Star Movement and deputy prime minister, I guarantee it,” he said. “It’s no longer time to leave the euro, I already said so.”

Earlier in October, the European Commission asked Italy to revise its proposed 2019 budget plan, which envisioned high public spending. Rome is expected to give a formal response to Brussels by November 13.

This development also led European Commissioner for Economic and Financial Affairs Pierre Moscovici to warn that Brussels may impose sanctions against Rome if the two sides cannot find any other solution.

READ MORE: EU May Sanction Italy Over Budget if Deal Not Reached — EU Commissioner

The Italian government currently intends to run a public deficit of 2.4 percent of GDP, while the European Commission claims that Italy’s deficit will reach 2.9 percent of the country’s GDP next year.

“I sincerely want to explain (to the European Commission) that the figure of 2.4 percent is a maximum,” Di Maio said, while Italian Finance Minister Giovanni Tria claimed that Brussels’ forecast was a “technical failure”.

© Sputnik / Natalia Seliverstova

Sputnik News

South Africa Today – World News – Europe

Related Post

Draft Brexit Deal ‘Fair and Balanced’ ...   "We are in fact at a decisive moment in this process, no one should lose sight of the progress that has been achieved in Brussels and in Lon...
WATCH Gigantic Waves Sweep Away Balconies in Tener... A video posted on Twitter shows enormous waves striking a Marisol de Mesa house, sweeping away the railings from concrete balconies.  Some six-metre ...
Over 400 People Injured in France in Protests Agai... "During the protests, 409 people were injured, while 14 of them suffered grave injuries," Castaner was broadcast as saying by French radio station RT...
Macron Urges European Revival to Prevent Global Ch... DETAILS TO FOLLOW © Sputnik / Sputnik News South Africa Today - World News - Europe
Disclaimer: The views of authors published on South Africa Today are their own and do not necessarily represent the views of South Africa Today. By viewing, visiting, using, or interacting with SouthAfricaToday.net, you are agreeing to all the provisions of the Terms of Use Policy and the Privacy Policy.