European Union sanctions against Russian Federation are damaging Italian businesses, Prime Minister Giuseppe Conte said on Tuesday, underscoring growing unhappiness in Rome over the long-running curbs on Moscow.
The Italian cabinet on Monday signed off on an expansionary 2019 budget, boosting welfare spending, cutting the retirement age and hiking the deficit to set up a showdown with authorities in Brussels over compliance with European Union rules. As Business Insider writes in the article Italy just took a step closer to a major clash with the rest of Europe over its budget crisis, Italy was asked to amend its budget by eurozone authorities before submitting it, and was told that the proposals represent "significant deviation" from its mandate. We have worked on a project, more than on a budget, we have worked on a project that the country needs, that citizens need.
Italian leaders say the budget plan will boost growth through higher spending.
"If we were to accept everything that the Italian government offers us, we would have counter-political backlash in other countries of the euro area", has already warned Mr Juncker, pointing out the" gap between what was promised and what is presented today".
He hit out at Brussels for its sanctions policy against Moscow and claimed Italian businesses had lost billions of euros as a result of the measures.
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Salvini also defended Italy against European Union criticism of its high-spending budget.
The budget Italian could be the subject of informal discussions between the heads of State and government of the EU on the occasion of a european summit on Thursday in Brussels.
"I come here because I am convinced that sanctions are economic, social and cultural madness", said Salvini, who leads the far-right League party and also serves as deputy prime minister. It rejects Rome's argument that the package can lower debt by expanding the economy.
To help fund spending measures, the budget makes life harder for Italy's struggling banks, reducing the proportion of interest payments they can deduct from their taxable income.
The Commission has said such a draft budget plan would significantly depart from the agree fiscal path and is likely to send the draft back to Rome asking it to be revised. It could then decide to send the budget back for changes by October 29, in what would be an unprecedented move that is likely to cause further market turmoil.