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Italian government defies Brussels
The Italian government has set the budget deficit at 2.4% of GDP for the next three years, defying Brussels and marking a victory for party chiefs over economy minister Giovanni Tria, an unaffiliated technocrat. Tria had initially wanted a deficit set as low as 1.6% next year but the FIve Star and La Lega Norte coalition pushed through the higher limit to fund costly election promises. Italian asset prices have already come under pressure with the stock market reporting important losses.
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