LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Italy's Conte sees EU budget deal close, no changes to 2019 deficit

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Dec 14, 2018
11:50 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Italian Prime Minister Giuseppe Conte expressed hope on Friday of reaching a deal with Brussels this weekend over his government`s revised 2019 budget to avoid an EU disciplinary procedure, but offered few new concessions.

The European Commission rejected the Italian budget in October, estimating it would not lower the country`s huge debt and declaring it in blatant breach of EU fiscal rules. However, Rome submitted the revised plan this week with a lower deficit.

"We have to try to reach a deal as soon as possible, I hope this weekend," Conte told a news conference after a summit of European Union leaders. He said he was confident of finding a solution with Brussels.

At the summit he sought the backing of EU leaders who have the final say on EU disciplinary procedures, but his peers remained cautious. "I hope we will have an agreement soon," German Chancellor Angela Merkel said.

Conte has offered to lower the headline deficit to 2.04 percent of Italian economic output from a previous target of 2.4 percent, but it is unclear whether the new figure is low enough to dissuade the Commission from moving ahead with disciplinary steps.

Talks on Friday between Finance Minister Giovanni Tria and EU economic commissioners did not produce a breakthrough, officials said after the meeting.

In a remark that might worsen the deadlock, Conte said Rome could not reduce its deficit target below the 2.04 percent. "We have no margin to negotiate like in a market," he said.

Conte, who leads a coalition of the anti-establishment 5-Star Movement and far-right League, said he could not accept new tweaks that would reduce the number of people who would benefit of the pension and welfare reforms envisaged in the budget.

"The deficit target we presented is clear. On the basis of that target we should conduct the technical work" with the EU, he added.

He also said he wanted Brussels to allow more leeway on Italy`s planned spending on a judicial reform and on investments to prevent natural disasters.

In a more conciliatory remark, he offered a more prudent fiscal target in three years, saying the government`s deficit would be below 1.5 percent of gross domestic product in 2021 instead of the planned 1.8 percent.

Conte also declined to say whether the country`s structural deficit, which excludes one-offs and the effects of the economic cycle, would fall as EU rules require.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Assembly election dates HIGHLIGHTS: Assam, West Bengal, Tamil Nadu, Kerala and Puducherry

BSE Sensex posts worst day in 10 mths, sinks 1,940 pts amid global meltdown

Mid-cap Stock Picks With Anil Singhvi: Expert Sacchitanand Uttekar suggests these three fabulous stocks to make great gains

Take ''fantastic'' AstraZeneca vaccine, top officials tell Germans

Assembly Election Dates 2021 Announced - 5 noteworthy changes by Election Commission for polls in 4 states and 1 UT - West Bengal, Tamil Nadu, Assam, Kerala and Puducherry

Assembly polls dates declared: Check full schedule for West Bengal, Tamil Nadu, Kerala, Assam and Puducherry elections here

CTET Result 2021 announced by CBSE! Download scorecard, answer key at ctet.nic.in

PUBG Mobile 1.3 beta update: APK download link for global version - Check all details here!

Vodafone Idea: Vi brings Wi-Fi calling service in Delhi | Check full list of phones

Pandemic's unexpected positive effects on health, well-being in US

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved