Italy says won’t fight EU over budget issue, debt-crisis deepens

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Italy says won’t fight EU over budget issue, debt-crisis deepens

On Sunday, the 3rd of June 2019, the Italian Finance Minister, Giovanni Tria said that the Italian Government had been confident that it could reach a deal with EU Commission and avert a looming sanction over its declining public finances, while a report in La Repubblica Daily had unveiled on Sunday (June 2nd) that Brussels had been preparing disciplinary measures against Italy over its budget deficit.

In point of fact, last week, the EU Commission had sent a formal warning to Italy asking the Italian Government to explain why its public debts had grown persistently over the course of 2018 instead of falling as it was asked and required, a major move from Brussels that could flame-up a possible legal clash between EU and a ruling Eurosceptic coalition government in Italy.

None the less, as a response to EU Commission’s legal notice, Economy Minister of Rome, Giovanni Tria had been quoted saying that an unprecedented economic downturn had led to the rise of public debt, while he had also pledged to respect EU’s fiscal policy over its next budget.

As beforementioned, an Italian Newspaper had revealed on Sunday (June 2nd) that EU Commission had found Italian Finance Minister’s answer too non-committal and vague, and an EU would likely to take a formal disciplinary action against Rome this week.

Despite a havoc-scale deterioration of public finances, adding that he still believed that the Italian Government could avert a steep EU sanction, over the sidelines of a ceremony at the Presidential palace in Rome on Saturday (June 1st) night, Tria said, “Italy does not want to clash with the European Commission, and I hope the opposite is also true, that is to say that no one in Brussels intends to engage in a fight with us. Our position is reasonable and I think we will eventually reach a compromise with the Commission”.