Global Perspectives: Should Italy Cure its Debt with More Debt?
Weekly commentary on international finance and economics including global events and how world issues affect our domestic issues.
Should Italy Cure its Debt with More Debt?
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This week, tensions between Brussels and Rome intensified, reflecting another battle between the newly-formed populist Italian government and the European Union establishment.
Italy presented its 2019 budget draft, but despite earlier warnings to cut spending, it violated EU rules around debt levels. Consequently, the EU rejected the budget and gave Rome three weeks to resubmit it.
The newly elected Italian coalition party has taken on a bold rebellion against the EU, because its proposed budget is based on political promises made in May after the election. Italian Prime Minister Giuseppe Conte says that Rome doesn't have a "Plan B." The deputy PMs are communicating via Facebook and have been including smiley faces in messages to show they're not backing off.
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