Italy to apply no change to budget, will monitor debt

24 October, 2018, 13:37 | Author: Myra Gill
  • Salvini dismisses Italy's ratings downgrade says outlook'stable

On a visit to Rome, EU Economy Commissioner Pierre Moscovici denied that the commission was already set on issuing an outright rejection of Italy's budget plans, a move that would be unprecedented.

"Tomorrow the Commission will discuss the procedure and will determine the next steps", the spokesman told a news conference.

Markets reacted to Italy's plans by pushing up borrowing costs Friday to the highest levels in five years.

Under EU rules, the Commission has time until October 29 to decide whether to send back the budget to Rome for changes.

Italy's plans have widely been criticized by many EU leaders and the EU Commission chief as being out of line with the bloc's spending constraints.

Deputy Prime Ministers Luigi Di Maio and Matteo Salvini, head of the anti-establishment 5-Star Movement and far-right League respectively, both reiterated Italy's commitment to the single currency.

Italy on Friday suffered a credit rating downgrade, criticism from European Union peers, and market jitters, sparked by its populist government's plans to flout eurozone budget discipline rules.

The government's free-spending plans prompted a credit downgrade by Moody's on Friday, which cut Italy's sovereign debt rating to one notch above junk status.

"I want to say it here, and there will be other solemn occasions to reiterate it as a government and a political party, ... there is no Plan B (to leave Europe) but only Plan A which is to change Europe", Di Maio said.

Di Maio said he hoped the Commission would take into account Italy's strengths such as the private sector's low debt and high household wealth, which Moody's cited among reasons supporting a "stable" outlook on the rating. The Commission believes that the place of Italy in the heart of Europe, in the centre of the Euro zone, not outside of them.

Mr Conte also vowed that his country would remain in the European Union and would stick by the euro, saying: "Read my lips; for Italy there is no chance of Italexit, to get out of Europe or the eurozone".

He said the 5-Star, founded by comedian Beppe Grillo, was working to present in January-February a programme that brought together similar grassroots movements from other European countries with the goal to "give back a heart and humanity to European institutions".



UK's May pleads for support, says Brexit deal is nearly done
The Plymouth MP slammed May's government for failing to lead over the Windrush scandal, the Grenfell Tower tragedy and Brexit . And in Northern Ireland , agreements on the preservation of the particular rights for United Kingdom and Irish citizens.

She Was on the Phone With Mom, Then, 'No, No, No!'
Monday, the University of Utah alerted students that Rowland had been located and was no longer a threat to students on campus. Brown said Rowland slipped in to the back door of a church, where he was later found dead from a self-inflicted gunshot.

Rice adamant West Ham are improving despite Spurs defeat
I don't talk about it anymore, it didn't look so good but still, we have to wait". "The form of the player sometimes changes". West Ham's second consecutive loss punctured the optimism sparked by their win over Manchester United earlier in September.

Pep wants more goals after City maul Burnley
The match would have had a different complexion had referee Jon Moss judged Kompany's first-minute tackle on Lennon more harshly. Guardiola confirmed right-back Walker missed the game as a precaution after returning from worldwide duty with a groin problem.

Saudi Arabia admits Khashoggi died at Istanbul consulate
Shadow worldwide trade secretary Barry Gardiner said he thought the Government should suspend all arms sales to Saudi Arabia. Adel al-Jubeir told Fox News on Sunday that those responsible will be held accountable for "this huge and grave mistake".

6 children dead, 12 sick in viral outbreak at rehab center
The outbreak occurred at the Wanaque Center for Nursing and Rehabilitation in Haskell, in northern New Jersey. As its investigation continues, the Center has been instructed not to admit new patients.

Megyn Kelly Ignites Swift Backlash After Defending Blackface on Her Morning Show
Roland Martin said that having a black person on the panel would have helped Kelly understand why blackface is wrong. Why aren't there black people on this discussion?" another tweeted.

Royal Tour: Prince Harry and Meghan Markle in Fiji on day 9
Meghan's earrings were a gift from the Queen and the bracelet a gift from Prince Philip . It was reported last week that Meghan, 37, recently had a 12-week ultrasound.

Khashoggi was victim of Saudi internet trolls, friend tells Euronews
Erdogan had previously promised to detail Turkey's investigation into Khashoggi's killing "in all its nakedness". Saudi Arabia has said Khashoggi died in a brawl at its consulate in the capitol city, and blamed rogue agents.

This rectangular iceberg in Antarctica is near flawless
NASA has discovered an incredible 1.6 kilomtre-long, perfectly rectangular iceberg floating in the Antarctic. NASA scientists captured the image on an IceBridge flight, an airborne survey of polar ice.