Yesterday evening the Italian government passed a draft budget for 2019, including a higher deficit target of 2.4 per cent to carry out its election manifesto. Some EU big-wigs have already disapproved of the idea. This will be reviewed in Brussels on Monday. Separately, Reuters reports that the European Central Bank will not help the country if either its government or its banks run into trouble. In order to be eligible for help, Italy would first have to apply for a bailout from the EU. So much for lender of last resort!
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