The PM of Italy defends & # 039; beautiful & # 039; budget as the EU increases the pressure

The PM of Italy defends & # 039; beautiful & # 039; budget as the EU increases the pressure https://www.eresviral.com/wp-content/uploads/2018/10/El-PM-de-Italia-defiende-amp-039-hermoso-amp-039-presupuesto-como-la-UE-aumenta-la-presión

The PM of Italy defends & # 039; beautiful & # 039; budget as the EU increases the pressure








BRUSSELS (Reuters) - Italy's prime minister defended the country's "beautiful" 2019 budget on Thursday, dismissing criticism from Brussels when European authorities stepped up pressure for changes to be made to a draft that violates the bloc's fiscal rules. 


















Italian Prime Minister Giuseppe Conte arrives at the summit of leaders of the European Union in Brussels, Belgium, on October 18, 2018. REUTERS / Francois Lenoir









Giuseppe Conte also denied a rupture on the fiscal plan within his ruling coalition, after reports of a dispute over tax revenues. 



The draft, signed on Monday by Italy's cabinet, will increase the deficit at a time when, according to EU regulations, it should be decreasing, as well as increasing spending on social assistance and reducing the retirement age. 



In the first formal step of a procedure that could lead Brussels to reject the budget and fines against Italy, the European Commission will send a warning letter to Rome. An EU official said it was expected to be delivered on Thursday. 



The president of the European Commission, Jean Claude Juncker, said that Italy had exhausted all the fiscal flexibility available in accordance with EU rules, and that Brussels would examine the draft without prejudice. 



Conte said he was not worried about the letter and that he expected the Commission to send others to Spain, France and Portugal. 



Before the news of the letter, he told reporters: "I know that this is not the budget the Commission was expecting, I expect critical observations, we will discuss and respond to these considerations."  



He described the budget as "beautiful," and said Wednesday, the first day of a two-day EU summit, that he saw no room to change tactics. 



If it does not change, the Commission could reject the draft before October 29 in what would be an unprecedented move that could further affect the markets.  



Yields on the 10-year Italian benchmark bonds skyrocketed after the March elections that gave Euro-skeptic parties a big boost [IT527480=], increasing as the scheme of an ambitious fiscal plan was outlined that could further boost Italy's public debt index, proportionally the second highest in the EU after Greece. 















Italian Prime Minister Giuseppe Conte arrives at the summit of leaders of the European Union in Brussels, Belgium, on October 18, 2018. REUTERS / Piroschka van de Wouw






SPAT OF COALITION? 



EU leaders also warned Italy about the budget. 



Austrian Chancellor Sebastian Kurz said that fiscal rules should be respected by all, adding: "Too much debt is dangerous." 



Dutch Prime Minister Mark Rutte said on Twitter that he had expressed concern about the budget plans in a meeting with Conte on Thursday. He added that the Commission had the full support of the Netherlands to ensure that the EU tax rules were respected. 



In what could be a source of concern at home, Deputy Prime Minister Luigi Di Maio, leader of the 5-Star party, said on Wednesday that a legislative text on a partial fiscal amnesty had been "manipulated" before final approval, which that generated doubts about the stability of the coalition government of Italy and about the income for its budget. 



The anti-establishment 5-Star has always opposed amnesties, a policy that is often used in Italy, where people or companies can avoid being persecuted for avoiding taxes by paying a fee. His coalition partner, the Extreme Right League, favors amnesties, which contribute money to the treasury and are popular with voters.  



Di Maio did not clarify who could have amended the document.  



Asked by reporters about a possible breakup of the coalition, Conte, who does not belong to any political party, responded: "There is no division." He added that he would work on the legislative text after returning to Rome on Friday. 









Report of Francesco Guarascio; Edition by Robin Pomeroy and John Stonestreet









Our Rules:The principles of trust of Thomson Reuters.



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