Italy says 'no plan B' to spending plans despite EU alarm

Posted by On 5:25 AM

Italy says 'no plan B' to spending plans despite EU alarm

Italian Deputy-Premiers Luigi Di Maio, left, and Matteo Salvini attend a press conference at Chigi Palace Premier office in Rome, Wednesday, Oct.3, 2018. Italy's economy minister is backing down on spending plans that would keep the country's deficit at an elevated level for three years. Giovanni Tria said Wednesday in Rome that the deficit to GDP ratio would be gradually reduced after 2019. The remark confirms a report by Corriere della Sera that the 2.4-percent budget deficit in the new spending plan would apply only to next year. (Angelo Carconi/ANSA via AP)
Italian Deputy-Premiers Luigi Di Maio, left, and Matteo Salvini attend a press conference at Chigi Palace Premier office in Rome, Wednesday, Oct .3, 2018. Italy's economy minister is backing down on spending plans that would keep the country's deficit at an elevated level for three years. Giovanni Tria said Wednesday in Rome that the deficit to GDP ratio would be gradually reduced after 2019. The remark confirms a report by Corriere della Sera that the 2.4-percent budget deficit in the new spending plan would apply only to next year. (Angelo Carconi/ANSA via AP) (AP)

ROME (AP) รข€" Italy's deputy premier is vowing to press ahead with spending plans after the European Commission expressed "serious concern" over what it termed a "significant deviation" from previous targets.

Five-Star leader Luigi Di Maio said Saturday "there is no plan B" to plans that will increase the deficit to 2.4 percent of annual gross domestic product next year.

European Commission Vice President Valdis Dombrovskis and Economy Commissioner Pierre Moscovici p enned a joint letter to Economy Minister Giovanni Tria on Friday "taking note" of the plans, which haven't yet been formally submitted to Brussels.

They vowed to hold a "constructive dialogue" to ensure the eurozone's third-largest economy complies with EU fiscal rules.

Source: Google News Italy | Netizen 24 Italy

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