Cabinet Italy approves its own budget

Cabinet Italy approves its own budget

World October 15, 2018 23:48

rome - The Italian cabinet has approved its own budget for 2019 on Monday, Prime Minister Giuseppe Conte said. The document is now being sent to Brussels where the European Commission will look into it. Conte told reporters that the budget 'keeps our promises while keeping the public accounts in order.'

The coalition government of the right-wing populist Lega and the protest party M5S (Five Star Movement) wants to pump money into the economy on a large scale to attract it. Rome needs to go further into debt for that.

This is fiercely controversial because the Italian state already has an excessive debt burden. It has a size of approximately 133 percent of the gross domestic product (the Netherlands almost 57 percent). The EU has been urging for years that Rome will reduce its debt mountain.

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