EU rejects Italian draft budget, setting up standoff with defiant Italy
(Worthy News) – The European Commission rejected Italy’s draft 2019 budget on Tuesday, saying it brazenly broke EU rules on public spending, and asked Rome to submit a new one within three weeks or face disciplinary action.
Italian bond yields jumped on the unprecedented move by the EU executive which was exerting for the first time a power obtained in 2013 after a sovereign debt crisis to send back a budget of a euro zone country that violates the rulebook.
Having recently emerged from the Greek debt debacle that nearly destroyed the single currency, the EU is concerned about another possible crisis if debt-laden Italy were to lose market trust. [ Source: Reuters (Read More…) ]
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