Today: Friday, 19 August 2022 year

Italian deputy PM threatens to sue EU boss over budget critics

Italian deputy PM threatens to sue EU boss over budget critics

Matteo Salvini defends Italy’s right to shape its own budget, the deputy prime minister has even threatened to sue Jean-Claude Juncker for damages and said Brussels was exaggerating the impact of Rome pushing ahead with its planned 2.4% budget shortfall for at least the next three years, Guardian reports.

Italy’s deputy minister Salvini accused the EU president of pushing up Rome’s cost of borrowing by likening Italy to Greece. According to him, EC president Juncker wrongly equates Italy with Greece, sending the spread gap ‘crazy’.

Salvini exploded after Juncker’s comments helped send the yield on Italian benchmark bonds to a four-and-a-half year high of 3.4%, while shares in Italian banks plunged.

“He should drink two glasses of water before opening his mouth, and stop spreading non-existent threats. Or we’ll ask him for damages,”

Salvini added.

Earlier this week, Jean-Claude Juncker said that the Italian ruling coalition’s pledge to press ahead with a budget deficit that will breach EU rules threatens the euro’s existence. Salvini hits back, saying that Brussels was exaggerating the impact of Rome pushing ahead with its planned 2.4% budget shortfall for at least the next three years.

According to the Italian deputy PM, the rising cost of financing Italy’s debts was the fault of EU officials who had spooked investors and increased the gap (spread) between Italian and German borrowing costs.

“The words and threats of Juncker and other European bureaucrats continue to make the spread rise, with the aim of attacking the government and the Italian economy. We are ready to ask damages from those who wish Italy ill,”

Salvini said.