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The European Union just rejected Italy’s budget for a 2nd time — and now Rome is facing a huge fine





Italy fans

  • European Union formally rejects Italian budget for a second time after Rome makes only small tweaks.
  • The path is no set for the opening of the EU’s so-called Excessive Deficit Procedure — which has the power to fine countries within the Eurozone.
  • The budget proposes increasing both Italy’s overall government debt and its deficit in the short run, pushing the deficit as high as 2.4% of gross domestic product over the coming years.
  • In doing so, Italy would fall foul of a previously mandated maximum deficit level of 0.8% of GDP.

The European Union on Wednesday once again rejected the Italian government’s read more >>>

Source:: BusinessInsider.Com

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