Italy’s Matteo Renzi Tries to Keep Calm Amid Banks PANIC as He Says No to Emergency Budget

• Italy’s Matteo Renzi Tries to Keep Calm Amid Banks PANIC as He Says No to Emergency Budget
  by http://www.express.co.uk/ , 1 Aug 2016 
  ITALIAN Prime Minister Matteo Renzi yesterday ruled out the need for any extraordinary budgetary measures this year despite growing concerns Italy stands on a knife edge. 
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  The Italian leader proclaimed the banking stress tests, which placed the country and its banks, including Monte Dei Paschi most at risk, as a success for the country.  Renzi said in an interview with Italian daily La Repubblica: “We have lived with the risk of extraordinary budget measures for three years, but I can categorically say there won’t be any in 2016.”
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  After six months of tumbling shares in Italian banks took the stress tests as a positive claiming retail investors had nothing to fear from Italy’s banks. It had the worst result of all 51 banks tested by the EMA. 
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  Rome is targeting 1.2 percent growth this year but the Bank of Italy and the International Monetary Fund have both said GDP growth is not likely to exceed 1 percent. Last week, Italy’s parliamentary budget office also said GDP would grow less than 1 percent and added 2017 growth would be hurt by the Brexit vote.
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