Italy's lower deficit goal: a politically useful fudge [Reuters]
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Source: Reuters
Italy's lower deficit goal: a politically useful fudge | Reuters 5 Min Read ROME (Reuters) - Italy’s surprise decision to sharply cut its budget deficit goal does little to solve the problems of its finances and a conflict over EU fiscal rules, but may serve the real purpose of easing market pressure and playing for time. Prime Minister Giuseppe Conte told the European Commission on Wednesday he was lowering next year’s target to 2.04 percent of gross domestic product from 2.4 percent to avoid disciplinary action by Brussels. Rome has yet to detail how it will achieve the lower target, and many economists believe it won’t. In any case, the new goal probably still breaks European Union rules, and the Commission may not halt its threatened “excessive deficit procedure”. Yet markets are happy Italy is at least showing good will. Italian two-year bond yields hit their lowest level in six months on Thursday and the closely-watched Italy/Germany 10-year spread was at its tightest since late
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