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Italy's budget proposal hikes deficit, defies EU and sends shiver through markets

September 28, 2018 8:01 AM
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ROME (Reuters) - Italy’s new government proposed a 2019 budget that would set a deficit target three times as big as the previous administration’s goal, setting up a clash with the European Commission and sparking a sell-off of state bonds.

Italy has the heaviest debt burden among big EU economies, at about 130 percent of gross domestic product. It is under pressure from the European Union to rein in spending amid fears it could sow the seeds of a debt crisis in the heart of the euro zone.

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