The European Commission has urged Italy to step up its austerity efforts to avoid sanctions. The country's debt is far above the limit allowed by Brussels.
Italy has stuck to its big-spending budget plan, despite demands for changes from the EU and the threat of financial penalties. The move has sparked concerns over Italy's debt, and uncertainty from investors.
Rome is determined to stick to fundamental aspects of its 2019 budget despite pressure from Brussels, according to Italian Economy Minister Giovanni Tria. The EU believes Italy's plans are "overly optimistic" and risky.
The European Commission has for the first time ever rejected the budget of a member state, as it said the spending plans of Italy's populist government were violating the bloc's debt limit and needed revision.
Eurozone finance ministers have sided with the European Commission, slamming Italy's resolve to stick to its controversial budget. Brussels has rejected Rome's 2019 fiscal plan and demanded changes.
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