Debt Conflict: European Commission Rejects Italian Draft Budget

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Italian bond yields rose again on Wednesday and the 10-year government bond yield rose to 3.54 percent, pushing the gap over German Bund yields back above 300 basis points.

To seek to explain its strategy to the European Commission in a dialogue "without prejudice".

"Sanctions, for their own sake, only damage our companies, which we intend to protect, as well as Russia's civil society", Conte said, addressing parliament ahead of an European Union summit in Brussels on Thursday.

Matteo Salvini, the leader of the Northern League, one of the two coalition partners in the Italian government, said on Monday evening that the government plans to go ahead with the implementation of its budget proposals, regardless of any opposition from Brussels. "Unfortunately, the deterioration in diplomatic relations between the United States of America, some European countries, and Russian Federation is a complicated problem for Italy, which depends on its membership of certain global structures like the European Union and North Atlantic Treaty Organisation".

This contravenes European Union regulations that call on Italy and other highly indebted countries to steadily narrow the shortfall toward zero.

Ralph Brinkhaus, the group leader of Angela Merkel's conservative party in the German parliament, signaled that Berlin was anxious. "We have full confidence that the European Commission will handle the question in the way imposed by the treaties", Brinkhaus told reporters in Berlin. We have worked on a project, more than on a budget, we have worked on a project that the country needs, that citizens need. It could reject them completely and ask Rome to rewrite them, an unprecedented step that would formally begin a long dispute.

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"Europe works according to pre-established rules before the arrival of governments", Juncker said.

Mr Juncker announced his rejection of the budget, which would increase Italian deficit spending to 2.4 percent of GDP, remarking that "saying yes would lead to violent reactions from other Eurozone countries", Il Giornale reports.

"The euro is built on decisions taken at many various moments and places".

Claudio Borghi, the League's often pugnacious economic spokesman, struck an unusually conciliatory tone on October 16.

While attracting global criticism, the budget is popular with Italians. "I am increasingly convinced that the financial lobbies in Brussels can not accept our presence in the government", he said.

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