Economics
Conte Signals End to Italy’s Rampant Spending on Debt Risks
- Prime minister says government can’t take on all EU loans
- Spending levels have created tensions in Conte’s coalition
The budget will help businesses impacted by the virus and lockdown measures.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
Prime Minister Giuseppe Conte warned that Italy is reaching the limits on how much debt the government can take on, even as the European Union opens the door to further borrowing.
While Italy is pushing ahead with a 38 billion-euro ($47 billion) budget for next year, the growing deficit is becoming unsustainable, Conte said during his year-end press conference in Rome on Wednesday. The Senate gave the final approval to the spending package while he was speaking.