Italy defies EU's request for smaller budget

People walk past the entrance of the London Stock Exchange in London

People walk past the entrance of the London Stock Exchange in London

"The only way to respect European rules is to pass a suicidal budget that would take us into recession", said Luigi Di Maio, Italy's deputy prime minister and leader of M5S.

In a statement earlier on Tuesday, Tria said these growth forecasts are "non-negotiable" because they are "the result of purely technical assessments". This Tuesday night, no amendment had been made to the text in which the european Commission does not want because it is not quite austere.

She says, "I have worked for more than 40 years".

The Fund's assertion that the Italian government's emphasis on growth and social inclusion is "welcome" is bound to be seen as a provocation by the European Commission (EC).

The fear is that stress in Italy could spread to other European countries which are only just recovering from the eurozone debt crisis.

Rome's mounting debt pile now sits at more than 130 percent of GDP, the second-highest ratio in the Eurozone behind crisis-hit Greece.

It said Government spending was too high and the deficit would rise instead of fall and debt would not fall in line with European Union rules.

Italy's reply is expected to arrive in Brussels shortly before a midnight deadline, after a ruling coalition meeting Prime Minister Giuseppe Conte has scheduled for 8 pm local time.

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It recommends Italy tighten its public finances instead and predicts that the government will miss its own targets, with the deficit hitting an estimated 2.7 percent next year.

The government's plan to increase spending is aimed at implementing a series of electoral promises, including lower taxes, a lowering of the retirement age, and a universal income.What happens next: If EU officials reject the budget again, the Commission can trigger legal action under an excessive deficit procedure.

In a November 8 statement, Tria argued that "the European Commission's forecasts on Italy's deficit are in stark contrast with those of the Italian government and stem from a careless and biased analysis. we regret to note this technical failure on the part of the Commission".

Rome has so far given no sign it will alter its budget, which foresees a deficit of 2.4% of gross domestic product next year - against 0.8% set by a previous government.

Over the short-term, expect the European Commission to begin proceedings to sanction Rome-likely via a multi-billion dollar fine.

That view is shared by many economists, who warn Italy's coalition government is being overly optimistic. If Italy still refuses to comply, the Commission can then apply fines up to 0.2 percent of GDP or cut European Union regional subsidies.

On average, Italians are no richer than they were two decades ago, unemployment is running at 10 percent, and one in Italians lives on less than $11,500 (10,000 euros) a year.

"The strong market reactions to political events in the past have sparked new concerns about the links between banks and sovereign debt in some parts of Europe - this is the basis of the request for fiscal discipline and compliance with the rules", he said.

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