Can Italy survive EU financial war about to be launched against it?

The Duran – News in Review – Episode 155.

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris explore the deficit standoff between Italy and the European Union, and how the EU's financial threats against the Italian government are meant to punish the anti-EU leaders of Italy, who have dared to question the rule of Brussels with regard to immigration policy, and closer ties with Russia.

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Deputy Minister Mateo Salvini told Italian media that his government would be "open" to a lower deficit spend after an anonymous official said the government was looking at changes to the budget plan's deficit target.

According to reports from Zerohedge (), last week, the European Commission roiled Italian markets when it issued an unprecedented rejection of Italy's 2019 budget planned and started preparing for an "Excessive Debt Procedure" against its thirdlargest economy a proceeding that could lead to billions of euros of fines against the alreadystruggling Italian government.

Salvini told AdnKronos that "nobody is fixated" on the deficit target, and that it was more important to pass a budget that would fund the social-welfare expansions that the Italian government is planning - from increases to pension benefits to the controversial "citizen's income" that would put up to 780 euros a month into the pockets of the poorest Italians.

Earlier, Deputy Premier Matteo Salvini told AdnKronos that next year’s shortfall in finances could be lower than the government’s target. Asked about the 2.4 percent target, Salvini reportedly told the newswire: "I think nobody is fixated on this, if there is a budget which makes the country grow, it could be 2.2 percent or 2.6 percent."

Salvini spoke ahead of a budget meeting set for 7:30 pm Rome time (1:30 pm ET) where he would discuss the budget plan with Prime Minister Giuseppe Conte, Five Star Movement leader and fellow Deputy PM Luigi Di Maio and Economy Minister Giovanni Tria.

To further confirm that Salvini's comments are not a bluff as Italy appears to be conceding to Brussels' dictate, Deputy PM Di Maio reiterated the idea that the deficit target could be reduced as part of the final budget plan, so long as "not even a single person is kept out of the core measures."

"If as part of the negotiation, we need to reduce the forecast deficit slightly, that’s not important to us. The issue is not the conflict with the EU on deficit at 2.4%, what’s important is that not even a single person is kept out of the core measures," Di Maio said.

"What’s important is that this budget contain our main goals," which include pension reform, citizens’ income, lower taxes, "things which we cannot give up," Di Maio said.

#Italy #EU #Salvini #TheDuran