Italy splurges on welfare in new budget

REUTERS  Chris Wattie

US Federal Reserve in Washington DCREUTERS Chris Wattie

To seek to explain its strategy to the European Commission in a dialogue "without prejudice".

The commissioner for the EU budget, Guenther Oettinger, yesterday denied a media report saying the EU Commission had already chose to reject Italy's draft budget for next year.

At the same time the 19 countries sharing the euro want to integrate more deeply in economic terms, by giving more powers to their bailout fund ESM, setting up a euro zone budget and a euro zone-wide deposit insurance scheme.

"I did not say there is a Commission decision on Italy", he wrote on Twitter after German magazine Der Spiegel published an interview with him on its website.

16 he was proud of his government's freshly approved expansionary budget while the European Commission warned it may run into opposition from eurozone partners.

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FILE PHOTO: Italian Economy Minister Giovanni Tria attends as Prime Minister Giuseppe Conte (unseen) speaks during his first session at the Lower House of the Parliament in Rome, Italy, June 6, 2018. "The Italian government has shown some signs they're willing to compromise but they're still far apart and we need some more market discipline", Vamvakidis told CNBC's "Squawk Box Europe".

Brussels is concerned that Italy's budget will increase the country's deficit. "I am increasingly convinced that the financial lobbies in Brussels can not accept our presence in the government", he said.

The budget Italian could be the subject of informal discussions between the heads of State and government of the EU on the occasion of a european summit on Thursday in Brussels.

"We are convinced that austerity is a path that can no longer be followed", Conte told parliament ahead of an European Union summit where his peers are expected to ask him about the budget.

Conte said the European Union meeting would provide an opportunity to discuss "how to correctly pursue what I define as a double-track approach: determination coupled with dialogue".

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During Wednesday's visit Salvini was received by Russian Federation deputy foreign minister Alexander Grushko.

"An Italy that is growing is in the interest of all, except perhaps Juncker and a few others", he added.

Five-Star leader and Deputy Prime Minister Luigi Di Maio said the basic income, his party's flagship policy which will cost some 10 billion euros ($11.58 billion) next year, will kick off before the end of March.

Has the Milan stock Exchange, the value of lighthouse, the FTSE Mib, has finished in the net increase (+2,23%).

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