The European Union just rejected Italy’s budget for a 2nd time — and now Rome is facing a huge fine
|11/21/2018||Posted by BusinessMediaguide.Com under General World News||
- 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 >>>