Sunday, 26 May, 2019

Italian markets convulse after budget standoff with European Union deepens

Populist Minister Salvini Claims ‘Speculators Like Soros’ Are Behind Economic Attack on Italy		TIZIANA FABI  AFP  Getty8 Oct 2018 Populist Minister Salvini Claims ‘Speculators Like Soros’ Are Behind Economic Attack on Italy TIZIANA FABI AFP Getty8 Oct 2018
Deanna Wagner | 11 October, 2018, 09:54

The single currency fell almost half a per cent against the dollar to US$1.1468 and not far from a more than one-year low of US$1.1355 hit in mid-August.

The British pound and the Chinese Yuan also lost ground. However, he said the government would act if the spread between its benchmark 10-year bond yield and the equivalent German bund balloons. Ten-year yields crossed 3.5% for the first time since 2014 on Monday and traded at 3.59% at 2.06pm in Rome. "If neither the European Union or Italy back down, yields will continue to climb higher from here". That is 1,4% more than what the Council of Ministers asked from the newly elected government in July. Italy is the third biggest economy in the Eurozone with an industrial base second only to Germany. "The Commission will exert all of its powers", he insisted, in "defence of the Italian and European interests".

In a letter to Italy's Economy Minister Giovanni Tria, the European Commission estimates that in 2019 Italy's structural deficit, which excludes one-offs and business cycle effects, would rise by 0.8% of GDP.

Concerns continue to mount in Italy as its country's leaders spar with European Union officials over its latest budget proposals, prompting a war of words that is manifesting itself in the European markets with lots of red.

"If somebody in Berlin or Brussels thinks that the "reset" of dozens of migrants in Italy unauthorized Charter flights, they should know what the available airports and never will be" - said Salvini.

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Chapter antimos Italian party Liga and the Deputy Prime Minister Matteo Salvini held a press conference in Rome with the leader of the French far-right marine Le Pen.

The original promise to triple the previous government's deficit target for the next three years to 2.4 per cent of GDP each year would have made it very hard for Rome to reduce its 130 per cent debt/GDP ratio each year, as required under the EU's budget rules.

"We will not backtrack, we will not backtrack", Salvini said of the government's budget plans, adding that "speculators acting like (George) Soros are betting on Italy's collapse to buy at discount prices the healthy companies, and there are many of them, that have remained in this country".

"We share the same idea of Europe, of agriculture, of work, of the fight against immigration", Salvini said.