Italy Hikes Deficit Goal, Defies EU and Rattles Markets

Italian Prime Minister Giuseppe Conte. Credit: Presidenza del Consiglio dei Ministri

(From Reuters)

Italy’s new government proposed a 2019 budget with a deficit three times bigger than the previous administration’s target, setting up a clash with the European Commission and sparking a sell-off of state bonds.

Italy has the heaviest debt burden among big European Union economies, at 130 percent of gross domestic product.

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