11/8/2018, 1:53 PM (Source: TeleTrader)
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Italy's Tria declines to cut spending after EU warning

Italian Minister of Economy and Finances Giovanni Tria (pictured) said on Thursday that the cabinet is sticking with its expenditure plan, which targets a budget deficit of 2.4% of gross domestic product for next year. His remarks come after a renewed call for dialogue and "flexibility" from European Commissioner Pierre Moscovici today, during the semiannual presentation of economic forecasts.

The government in Rome was instructed to amend the spending goals as the executive arm of the European Union rejected the draft. Tria said the European Commission's document is the result of a partial approach to the calculations of the budget plan. He claimed the numbers won't pose a factor in negotiations with the administration in Brussels and noted the cabinet of Prime Minister Giuseppe Conte has entirely different projections.

Breaking the News / IT