EU’s debt warning to Italy is just opening salvo LJucca
The European Commission on June 5 said Italy is in breach of EU fiscal rules because of its growing debt, the first step towards the launch of unprecedented disciplinary action.
European Union states have two weeks to assess the commission’s recommendation. After that, Brussels could recommend to start the procedure, a step that would need the final endorsement of EU finance ministers at a meeting in July. Italy’s public debt, the second-highest in the EU in proportion to output after Greece’s, rose to 132.2% in 2018 from 131.4% in 2017. The commission sees it soaring to 135.2% in 2020.
Yields on 10-year Italian government bonds were up 3 basis points to 2.55% by 1409 GMT on June 5. The yield differential between 10-year German and Italian bonds widened to 277 basis points.
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