Italy approves deficit-hiking budget, awaits EU’s verdict

Italy approves deficit-hiking budget, awaits EU's verdict

Reuters By Giuseppe Fonte and Angelo Amante

ROME, Oct 15 (Reuters) – The Italian cabinet on Monday signed off on an expansionary 2019 budget, boosting welfare spending, cutting the retirement age and hiking the deficit to set up a showdown with authorities in Brussels over compliance with EU rules.

The government of the right-wing League and the anti-establishment 5-Star Movement had already issued the financial framework for the budget, raising the target for next year’s deficit to 2.4 percent of gross domestic product.So far, the reaction from Brussels has been irate, with EU commissioners threatening to reject the package before formally […]

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