After the European Commission recommended a deficit procedure against Italy because of the high level of public debt on Wednesday, Italy says it is conducting a „constructive dialogue“ with Brussels. „We will explain our programs and prove that Italy’s deficit will fall in 2019 and 2020,“ said Economy Minister Giovanni Tria today.
The non-party economics and finance minister said that the government would not reverse its already implemented reforms – a basic income of 780 euros and a pension reform with early retirement. „According to our forecasts, spending on these reforms will be lower than anticipated,“ the minister said at the G20 Finance Ministers meeting in Fukuoka, Japan.
„Our economy is strong“
Tria assured that Italy could finance its debts. „Our economy is strong. We have been carrying the burden of these debts for 30 years, „the minister said.
Italy had barely escaped criminal proceedings at the end of last year. After the committed debt reduction failed, the European Commission recommended on Wednesday the initiation of an excessive deficit procedure. Italy’s ballooning public debt amounts to more than 132 percent of the country’s economic output. This is the second highest in the EU – after Greece – and one of the highest in the world.
