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Italy defiant on budget plans, deficit
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IANS | 14 Nov, 2018
The Italian Economy Minister Giovanni Tria has informed the European
Commission that his government will maintain the General Budget for 2019
despite an increased deficit of 2.4 per cent.
He argued "we are
convinced that this is the budget that will restart the country" and
assured that the deficit would not be surpassed, Efe news reported.
"The
priority is the need to relaunch growth prospects, to fill the lasting
gap between the current level of GDP which recorded before the onset of
the economic crisis, as well as to face the slowing of the cycle," said
Tria.
The Italian government was responding late on Tuesday,
within the deadline set at midnight on November 13, to the demands of
the European Commission (EC), which earlier on October 23 rejected their
first draft due to increased debt forecast.
In a letter to EC
Vice-President, Valdis Dombrovskis and Economic Affairs Commissioner
Pierre Moscovici, Tria insisted that after "careful" consideration of
their recommendations, the government's position "remains fully valid".
The
government alliance formed by the Five Star Movement (M5S) and the
far-right League has proposed an expansive General Budget for 2019, for
which the deficit was estimated.
He also confirmed the commitment
to "maintain public finance accounts" and indicated that the deficit
level of 2.4 per cent of GDP will not be surpassed.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
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84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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| Daily Poll |
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