EU Slams Italy’s “Unprecedented” Budget Deviation, Euro Tumbles

• EU Slams Italy’s “Unprecedented” Budget Deviation, Euro Tumbles
  by Tyler Durden, https://www.zerohedge.com/
  If there was any doubt that the standoff between Italy and the EU would get worse before it gets even moar worse, moments ago any doubts were extinguished when Bloomberg reported that in the letter addressed to Italy’s Finance Minister Giovanni Tria, EU Commissioners Valdis Dombrovskis and Pierre Moscovici said that Italy’s Draft Budgetary Plan for 2019 constitutes an “obvious significant deviation” from EU rules.
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  Specifically, the EU warned that Italy’s proposed 0.8% increase in its deficit is a significant deviation from the structural improvement of 0.6% of GDP recommended by the EU Council, and is “unprecedented in the history” of the Stability and Growth Pact.
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  Additionally, Italy’s planned government spending growth of 2.7% is about 2.6% higher than the maximum allowed under EU rules, which cap this at 0.1%.
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