Italian PM is Optimistic that High Sovereign Debt Won’t be Penalized

Italian prime minister Giuseppe Conte told CNBC he was optimistic about the possibility that the European Commission would not pursue an excessive deficit procedure (EDP) – against his government for the continued high levels of Italian sovereign debt.

Italy wrote a letter to the EU’s executive branch earlier this week insisting that Rome would respect and abide by current fiscal rules that form part of a treaty agreement known as the growth and stability pact.

But the Italian premier said the missive contained a pledge to try and alter that framework to help support an Italian economy that has long lagged behind most of its European peers.

via CNBC

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