{"id":18581,"date":"2018-10-23T15:34:08","date_gmt":"2018-10-23T12:34:08","guid":{"rendered":"https:\/\/bestinsurance.gr\/a1\/?p=18581"},"modified":"2018-10-23T15:34:08","modified_gmt":"2018-10-23T12:34:08","slug":"italys-conte-rules-out-plan-b-on-budget-as-he-seeks-dialogue","status":"publish","type":"post","link":"https:\/\/bestinsurance.gr\/a1\/archives\/18581","title":{"rendered":"Italy’s Conte Rules Out `Plan B’ on Budget as He Seeks Dialogue"},"content":{"rendered":"
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Italy’s Conte Rules Out `Plan B’ on Budget as He Seeks Dialogue<\/h1>\n<\/div>\n
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  • Premier Giuseppe Conte speaks in Bloomberg interview in Rome<\/li>\n
  • Conte says \u2018we are not gamblers,\u2019 Italy won\u2019t leave EU or euro<\/li>\n<\/ul>\n<\/section>\n
    By\u00a0John Follain\u00a0and\u00a0Alessandra Migliaccio<\/p>\n

    (Bloomberg) —\u00a0<\/section>\n

    Italian Prime Minister\u00a0Giuseppe Conte\u00a0insisted his government has no \u201cPlan B\u201d to change its budget, despite the skeptical responses of the European Commission and investors.<\/p>\n

    Conte said in a Bloomberg News interview that he was looking forward to talking with European commissioners and explaining the 2019 budget to them. He suggested that Italy has some leeway to tweak aspects of the plan, and not actual spending. But if he is asked to change the substance, \u201cit will be difficult for me because I cannot accept that.\u201d<\/p>\n

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    Giuseppe Conte in Rome, Oct. 23.<\/p>\n<\/div>\n<\/figcaption><\/figure>\n

    \u201cThere isn\u2019t any B plan,\u201d Conte said in the interview in English at his Rome office on Tuesday. \u201cI said that the deficit at 2.4 percent of GDP is the cap. I can say this will be our cap,\u201d he said, in reference to the planned budget deficit for next year.<\/p>\n

    Italy\u2019s populist government, a coalition of the anti-establishment Five Star Movement and the anti-migrant League, looks to be on a collision course with Brussels as its spending targets far exceed EU limits. The commission, the EU\u2019s executive, is due to respond to Italy\u2019s spending plans later on Tuesday, when it may opt to formally demand that Rome takes back, revises and resubmits its budget.<\/p>\n

    Euro Commitment<\/h3>\n

    Financial markets are responding to Italy\u2019s chafing at EU rules. Italian bonds fell for the fourth time in five sessions earlier on Tuesday, while the 10-year spread over similar German debt touched a five-year high during trading on Friday.<\/p>\n

    \u201cWe are ready to reduce maybe, to operate a spending review if necessary,\u201d Conte said. \u201cYou have to consider that we are not gamblers that are betting on our kids\u2019 future on the roulette.\u201d Economic growth is \u201cthe best way in order to take us out of a debt trap,\u201d he said.<\/p>\n

    Conte dismissed the prospect of the spread with German bunds reaching 400 basis points, a level that Credit Suisse AG said could put unsustainable pressure on Italy\u2019s banking system. He also reaffirmed Italy\u2019s commitment to the euro. \u201cI have the evidence that part of the spread is due to the prospect of Italexit,\u201d Conte said.<\/p>\n

    \u201cI can assure that this executive will not accompany this country, Italy, out of Europe,\u201d he said. \u201cWe feel very comfortable, we feel at home in Europe and we think that the euro is our currency and will be our currency, the currency of my kid, he\u2019s 11 years old, and the currency of my grandchildren.\u201d<\/p>\n<\/section>\n

    –<\/p>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Italy’s Conte Rules Out `Plan B’ on Budget as He Seeks Dialogue Premier Giuseppe Conte speaks in Bloomberg interview in Rome Conte says \u2018we are not gamblers,\u2019 Italy won\u2019t leave EU or euro By\u00a0John Follain\u00a0and\u00a0Alessandra Migliaccio (Bloomberg) —\u00a0 Italian Prime Minister\u00a0Giuseppe Conte\u00a0insisted his government has no \u201cPlan B\u201d to change its budget, despite the skeptical<\/p>\n","protected":false},"author":1,"featured_media":8603,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-18581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/18581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/comments?post=18581"}],"version-history":[{"count":1,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/18581\/revisions"}],"predecessor-version":[{"id":18582,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/18581\/revisions\/18582"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media\/8603"}],"wp:attachment":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media?parent=18581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/categories?post=18581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/tags?post=18581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}