Italy to cut €500M in military spending - Di Maio

Politics 10/11/2018, 5:41 PM
Italy to cut €500M in military spending - Di Maio

Italian government is ready to cut €500 million in armament spending with the new budget law, Deputy Prime Minister Luigi di Maio said on Thursday, according to multiple local media outlets.

Yesterday, Italy's Parliamentary Budget Office (UPB) approved the government's economic forecasts. The budget plan is now set to be reviewed by the European Union, although early reports stated the European Commission will reject it.

Market tremors follow European Commission President Jean-Claude Juncker's remarks over the weekend, stating the EU was ready to help Italy with its budget. On Monday, Italian Deputy Prime Minister Matteo Salvini stated that Juncker and the European Commissioner for Economic and Financial Affairs Pierre Moscovici were "the real enemies of Europe."

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