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EU 'terrorising markets' says Di Maio

01 ottobre 2018 | 18.02
LETTURA: 1 minuti

EU  'terrorising markets' says Di Maio

The populist government has no plans to revise its deficit target of 2.4 percent of output, Italy's industry and welfare minister and deputy premier Luigi Di Maio said on Monday, accusing the EU of "terrorism" in financial markets.

"There's no reason why the 2.4 percent target should be up for discussion. Some European institutions are using their declarations to terrorise the markets," Di Maio told a meeting of trade unions in Rome.

Di Maio's comments came after European Economic Commissioner Pierre Pierre Moscovici said he wanted to maintain dialogue with Italy's eurosceptic government over its budget, but stressed that EU fiscal rules had to be respected.

Yields on Italian bonds have risen sharply since the government on Thursday announced its three-year deficit target of 2.4 percent of GDP, reflecting investor concerns about the stability of Italy’s finances.

The 2.4 percent budget deficit target for 2019-2021 is triple the previous administration’s target and also well above the 1.6 percent deficit target sought by Italy's technocrat finance minister Giovanni Tria.

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