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Recession-hit Italy faces a fresh budget crisis after reports of planned government tax hikes

"They're all crazy, not only because we aren't talking about it, but because it would be wrong to so this from the standpoint of economic policy."
A woman walks in a flooded street in Venice.

The European Union’s subversion of democracy contributed to the recession in Italy

Italy's voters elected a government with a plan, but they were thwarted by unelected EU commissioners who have sabotaged GDP growth for 10 years.

Italy finally squeezed a budget through parliament, averting a head-on collision with the EU

"I hope this will be the last budget being approved after long and complicated negotiations with Brussels," Italy's deputy prime minister said.
The Italian flag.

Italy and the EU just struck a deal, avoiding the start of a fresh crisis for Europe

After weeks of wrangling, the two parties agreed to allow Italy to run a budget deficit of 2.04% next year. Stocks and the euro gained on the news.

Amazon is surging in premarket before what’s expected to be the biggest Cyber Monday ever

Tech giants like Amazon were rebounding in premarket trading following one of the weakest Black Friday trading sessions this decade.

The European Union just rejected Italy’s budget for a 2nd time — and now Rome is facing a huge fine

The path is no set for the opening of the EU's so-called Excessive Deficit Procedure — which has the power to fine countries within the Eurozone.

The EU just formally rejected Italy’s budget, putting Rome and Brussels on a collision course

Speaking on Tuesday afternoon, Valdis Dombrovskis, the European Commission vice president responsible for the euro, said Brussels had "no alternative" but to reject the proposals.
The Italian budget crisis could get worse.

Italian assets have taken a pounding in recent weeks — here’s why Goldman Sachs thinks it could get a whole lot worse

Moody's downgraded Italian debt to a Baa3 rating last Friday, placing it one notch above junk status and reflecting the country's ongoing budget crisis.

A key indicator of Italy’s financial health is flashing red as its EU budget row intensifies

European Union authorities on Thursday rejected budget proposals put forward by Italy earlier in the week, accusing the eurozone's third largest economy of an "unprecedented" break of EU rules around spending and deficit limits.

Italy just took a step closer to a major clash with the rest of Europe over its budget crisis

The budget proposes increasing both Italy's overall government debt and its deficit in the short run, pushing the deficit as high as 2.4% of GDP over the coming years. This means Italy will fall foul of a previously mandated deficit level of 0.8% of GDP maximum.