Economics
EU Hands Italy Unprecedented Budget Rebuke on Rules Breach
- Commission issued negative opinion, asked Italy for revisions
- Italian government has three weeks to re-submit its budget
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The European Commission rejected Italy’s budget, an unprecedented step in the bloc’s history that’s set to escalate a standoff between Rome and Brussels and has rattled markets for months.
The negative opinion means the EU’s executive arm is asking the government to take back, revise and resubmit its plans -- though Italian Prime Minister Giuseppe Conte told Bloomberg shortly before the widely expected decision that there’s no “Plan B” for the fiscal program.