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It’s Not Just Italy: These Are Europe’s Other (Smaller) Budget Headaches

Governments have until mid-October to send draft budgets to the European Commission 

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Europe’s budget season is kicking off, and while Italy is attracting the limelight, other countries are having to navigate their own issues and work out their fiscal plans for the coming year.

All governments have until Oct. 15 to submit their programs and targets to the European Commission, which must issue its opinion on whether they are compliant with the bloc’s fiscal rules by the end of November. Italy’s populist coalition has been the center of attention all summer, with spending and tax promises that have left investors on edge. Concern about the country’s enormous debt load has manifested itself in a bond selloff, pushing yields to levels last seen during the euro-area debt crisis.