Brexit deal in both UK and EU’s interest, British lawmaker says

Brexit deal in both UK and EU’s interest, British lawmaker says14 Hours AgoLucy Frazer, a British lawmaker representing the Conservative Party, outlines why she is backing frontrunner Boris Johnson to be the U.K.’s next prime minister.


Brexit deal in both UK and EU’s interest, British lawmaker says14 Hours AgoLucy Frazer, a British lawmaker representing the Conservative Party, outlines why she is backing frontrunner Boris Johnson to be the U.K.’s next prime minister.
Brexit deal in both UK and EU’s interest, British lawmaker says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20
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Brexit deal in both UK and EU's interest, British lawmaker says

Brexit deal in both UK and EU’s interest, British lawmaker says

14 Hours Ago

Lucy Frazer, a British lawmaker representing the Conservative Party, outlines why she is backing frontrunner Boris Johnson to be the U.K.’s next prime minister.


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Brexit campaigner Johnson far ahead in race to lead Britain; Sajid Javed eliminated

In this handout photo provided by the BBC, MP Boris Johnson speaks during a Conservative Leadership televised debate on June 18, 2019 in London, England. Boris Johnson, a former foreign secretary who helped lead the 2016 Brexit referendum campaign, continued his progress towards the top job on Thursday when he trounced his rivals again in the race to succeed Prime Minister Theresa May. In a fourth ballot of Conservative lawmakers, which eliminated interior minister Sajid Javid, Johnson was again


In this handout photo provided by the BBC, MP Boris Johnson speaks during a Conservative Leadership televised debate on June 18, 2019 in London, England. Boris Johnson, a former foreign secretary who helped lead the 2016 Brexit referendum campaign, continued his progress towards the top job on Thursday when he trounced his rivals again in the race to succeed Prime Minister Theresa May. In a fourth ballot of Conservative lawmakers, which eliminated interior minister Sajid Javid, Johnson was again
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Brexit campaigner Johnson far ahead in race to lead Britain; Sajid Javed eliminated

In this handout photo provided by the BBC, MP Boris Johnson speaks during a Conservative Leadership televised debate on June 18, 2019 in London, England.

Boris Johnson, a former foreign secretary who helped lead the 2016 Brexit referendum campaign, continued his progress towards the top job on Thursday when he trounced his rivals again in the race to succeed Prime Minister Theresa May.

In a fourth ballot of Conservative lawmakers, which eliminated interior minister Sajid Javid, Johnson was again way out in front of his rivals. The result of a fifth and final ballot is due at 1700 GMT on Thursday.

Johnson, who served as London mayor for eight years, has cast himself as the only candidate who can deliver Brexit on Oct. 31 while fighting off the electoral threats of Nigel Farage’s Brexit Party and Jeremy Corbyn’s Labour Party.

Despite a series of scandals in the past and criticism about his attention to detail, Johnson has dominated the race since May announced a month ago that she would step down after repeatedly failing to get her Brexit deal ratified by parliament.

Johnson, 55, has increased his share of the vote of Conservative lawmakers at each of the four ballots so far: 114 out of 313 votes in the first ballot on June 13, 126 on June 18, 143 on Wednesday and 157 on Thursday.

Environment minister Michael Gove was second with 61 votes and foreign minister Jeremy Hunt third with 59. Javid got 34.

After the final lawmakers’ ballot leaves just two candidates remaining, around 160,000 Conservative Party grassroots members will vote on who will be their leader – and Britain’s next prime minister – by the end of July. Bookmakers give Johnson an 89% probability of winning.

Johnson has pledged to leave the European Union on Oct. 31 with or without a deal. The EU has said it will not renegotiate the divorce deal that May agreed last year and the British parliament has indicated it will block a no-deal exit.

He has not addressed how he will solve that riddle.


Company: cnbc, Activity: cnbc, Date: 2019-06-20
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Brexit campaigner Boris Johnson advances on Britain’s top job

Brexit campaigner Boris Johnson advanced on the prize of Britain’s top political job on Tuesday, winning 40 percent of votes in the second round of a contest to replace Prime Minister Theresa May. While Johnson won by far the most votes, he added just 12 from the first round. In the first round last Thursday, Johnson won 114 out of 313. The candidates who survived the second round of voting were due to participate in a televised debate at 1900 GMT. A new prime minister should be chosen by the en


Brexit campaigner Boris Johnson advanced on the prize of Britain’s top political job on Tuesday, winning 40 percent of votes in the second round of a contest to replace Prime Minister Theresa May. While Johnson won by far the most votes, he added just 12 from the first round. In the first round last Thursday, Johnson won 114 out of 313. The candidates who survived the second round of voting were due to participate in a televised debate at 1900 GMT. A new prime minister should be chosen by the en
Brexit campaigner Boris Johnson advances on Britain’s top job Cached Page below :
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Brexit campaigner Boris Johnson advances on Britain's top job

Conservative Party leadership candidate Boris Johnson gestures as he talks during the launch of his campaign in London, Britain June 12, 2019.

Brexit campaigner Boris Johnson advanced on the prize of Britain’s top political job on Tuesday, winning 40 percent of votes in the second round of a contest to replace Prime Minister Theresa May.

Johnson, the face of the official Brexit campaign in the 2016 referendum, won 126 out of 313 votes and so goes through to a third ballot between 1400 GMT and 1600 GMT on Wednesday with four other candidates who won 33 votes or more.

Foreign Secretary Jeremy Hunt won 46 votes, Environment Secretary Michael Gove won 41, International Development Secretary Rory Stewart 37 and Home Secretary Sajid Javid 33.

While Johnson won by far the most votes, he added just 12 from the first round. Stewart, 46, was the biggest gainer from the first round, adding 18 votes.

Dominic Raab, a former Brexit minister, was eliminated from the contest as he won just 30 votes.

Johnson, a former London mayor and foreign minister, says he will take Britain out of the European Union by Oct. 31 whether or not there is a deal with Brussels to smooth the transition, potentially setting up a fight with parliament.

In the first round last Thursday, Johnson won 114 out of 313. The candidates who survived the second round of voting were due to participate in a televised debate at 1900 GMT.

Once the list is whittled down to two candidates, a postal ballot of the wider Conservative Party membership nationwide will be held to pick a leader. A new prime minister should be chosen by the end of July.


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UK leadership contest steps up a gear ahead of first round of voting

Boris Johnson during the launch of his campaign to become leader of the Conservative and Unionist Party and Prime Minister at the Royal Academy of Engineering in central London. If all candidates receive at least 17 votes, the candidate with the fewest votes is eliminated. When there are only two candidates left after this process of elimination, the wider Conservative Party membership in a run-off vote to elect one candidate as party leader and prime minister. As such, a lot of attention has be


Boris Johnson during the launch of his campaign to become leader of the Conservative and Unionist Party and Prime Minister at the Royal Academy of Engineering in central London. If all candidates receive at least 17 votes, the candidate with the fewest votes is eliminated. When there are only two candidates left after this process of elimination, the wider Conservative Party membership in a run-off vote to elect one candidate as party leader and prime minister. As such, a lot of attention has be
UK leadership contest steps up a gear ahead of first round of voting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: holly ellyatt
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UK leadership contest steps up a gear ahead of first round of voting

Boris Johnson during the launch of his campaign to become leader of the Conservative and Unionist Party and Prime Minister at the Royal Academy of Engineering in central London.

The race to succeed Theresa May as leader of the ruling Conservative Party and prime minister enters a new phase on Thursday with Tory members of parliament (MPs) set to have their first vote for their preferred candidate.

There are 10 candidates in the leadership contest and any of them that fails to get at least 17 votes when MPs vote in secret ballots, the first of which is Thursday with more rounds to follow, will be eliminated from the race. If all candidates receive at least 17 votes, the candidate with the fewest votes is eliminated.

When there are only two candidates left after this process of elimination, the wider Conservative Party membership in a run-off vote to elect one candidate as party leader and prime minister. The winner is expected to be announced on July 22.

Brexit, and how the various leadership hopefuls would progress the thorny departure from the EU, has dominated the debate in the run up to the first vote.

Party members, and the wider public, are keen to know how the next prime minister will fare any better than Theresa May did at uniting a divided Parliament behind a Brexit deal that it has already rejected three times. The EU too has already said it will not re-negotiate the deal.

The U.K. is meant to leave the EU on October 31 and with no deal agreed by Parliament, the prospect of a potential “no-deal” departure has returned to the fore.

As such, a lot of attention has been put on the favorite to win the leadership race Boris Johnson, the former foreign secretary and mayor of London. Launching his leadership campaign on Wednesday, he said he was “not aiming for a no-deal outcome” but said it was responsible to “prepare vigorously” for such an outcome. He said any more delay to Brexit would mean “defeat.”

On Wednesday, the opposition Labour Party led an attempt to make sure the future prime minister could not push through a “no-deal” Brexit but failed to gain enough votes.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: holly ellyatt
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‘No door for renegotiations’ of Brexit deal whoever wins UK leadership race, Luxembourg PM says

As the U.K.’s political establishment focuses on a leadership race in the ruling Conservative Party, European leaders like Luxembourg’s Prime Minister Xavier Bettel are keen to remind the U.K. government that the bloc will not re-open negotiations on the Brexit deal. We had an agreement between the government of the U.K. and EU and we’re still waiting for the vote in Westminster. I don’t want no deal but we’re prepared for no deal,” Bettel told CNBC’s Silvia Amaro in Luxembourg Thursday. Still,


As the U.K.’s political establishment focuses on a leadership race in the ruling Conservative Party, European leaders like Luxembourg’s Prime Minister Xavier Bettel are keen to remind the U.K. government that the bloc will not re-open negotiations on the Brexit deal. We had an agreement between the government of the U.K. and EU and we’re still waiting for the vote in Westminster. I don’t want no deal but we’re prepared for no deal,” Bettel told CNBC’s Silvia Amaro in Luxembourg Thursday. Still,
‘No door for renegotiations’ of Brexit deal whoever wins UK leadership race, Luxembourg PM says Cached Page below :
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'No door for renegotiations' of Brexit deal whoever wins UK leadership race, Luxembourg PM says

As the U.K.’s political establishment focuses on a leadership race in the ruling Conservative Party, European leaders like Luxembourg’s Prime Minister Xavier Bettel are keen to remind the U.K. government that the bloc will not re-open negotiations on the Brexit deal.

“For the moment we are still waiting. We had an agreement between the government of the U.K. and EU and we’re still waiting for the vote in Westminster. I don’t want no deal but we’re prepared for no deal,” Bettel told CNBC’s Silvia Amaro in Luxembourg Thursday.

“The U.K. is in a situation now where we don’t know which way it will go.” Still, he said, there was “no moment to blame anyone,” for the Brexit deal that was agreed and that a leadership change in the U.K. would not change the situation.

“This is the best possible agreement and there is no door for renegotiations,” he said.

Brexit has been put on the backburner since it became painfully clear that departing Prime Minister Theresa May could not get a majority of the U.K. Parliament to support the Brexit deal she had struck with Brussels.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: holly ellyatt
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French Finance Minister Le Maire: ‘A trade war would mean an economic crisis all over the world, and especially in Europe’

In fact, Le Maire said the tariffs battle, which kicked off last year, has already reached beyond the world’s two largest economies. “We do not have the growth figures we should have because of the trade tensions between the U.S. and China,” Le Marie said. “I want to be very clear, a trade war would mean an economic crisis all over the world, and especially in Europe,” he told CNBC’s Nancy Hungerford. Le Maire isn’t the only European official concerned about the trade tensions. Le Maire said tha


In fact, Le Maire said the tariffs battle, which kicked off last year, has already reached beyond the world’s two largest economies. “We do not have the growth figures we should have because of the trade tensions between the U.S. and China,” Le Marie said. “I want to be very clear, a trade war would mean an economic crisis all over the world, and especially in Europe,” he told CNBC’s Nancy Hungerford. Le Maire isn’t the only European official concerned about the trade tensions. Le Maire said tha
French Finance Minister Le Maire: ‘A trade war would mean an economic crisis all over the world, and especially in Europe’ Cached Page below :
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French Finance Minister Le Maire: 'A trade war would mean an economic crisis all over the world, and especially in Europe'

If trade tensions between the U.S. and China continue to escalate, that may have a “direct and very negative impact all over the world, especially Europe and the Eurozone, ” according to French Finance and Economy Minister Bruno Le Maire.

In fact, Le Maire said the tariffs battle, which kicked off last year, has already reached beyond the world’s two largest economies. Speaking with CNBC over the weekend at the G-20 Finance Ministers Meeting in Fukuoka, Japan, he said Europe is already performing worse than it otherwise would because of the ongoing U.S.-China trade war.

He pointed, in particular, to the French and German economies as examples of those caught in the crossfire.

“We do not have the growth figures we should have because of the trade tensions between the U.S. and China,” Le Marie said.

“I want to be very clear, a trade war would mean an economic crisis all over the world, and especially in Europe,” he told CNBC’s Nancy Hungerford.

Le Maire isn’t the only European official concerned about the trade tensions. Pierre Moscovici, European commissioner for economic and financial affairs, taxation and customs, expressed the same sentiment.

“We are of course concerned by the trade tensions (between the U.S. and China) … because we are the most open economy in the world,” said Moscovici. “That’s why we are so attached and it is one of our values to free economy, to open economy, to free trade, to multilateralism, that’s why we’re so reluctant against protectionism.”

Moscovici emphasized, “The trade tensions is the worst threat to the world economy.”

Le Maire said that, during a recent meeting with U.S. Treasury Secretary Steven Mnuchin, the American official suggested he wants to avoid escalating the trade war. That will depend, however, on the results of the highly anticipated meeting between Chinese President Xi Jinping and U.S. President Donald Trump later this month.


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: grace shao
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UK leadership race kicks off as the economy starts to weaken

To be able to run as a candidate, Tory members of parliament (MPs) had to have the backing of eight colleagues. Boris Johnson, meanwhile, has attracted some criticism for his promise of an income tax cut for those who earn over £50,000 a year (around $63,000). British Prime Minister Theresa May stood down as the leader of the Conservative Party last Friday and will act as an interim prime minister until a leadership contest is complete. Most leadership candidates have been keen to promote their


To be able to run as a candidate, Tory members of parliament (MPs) had to have the backing of eight colleagues. Boris Johnson, meanwhile, has attracted some criticism for his promise of an income tax cut for those who earn over £50,000 a year (around $63,000). British Prime Minister Theresa May stood down as the leader of the Conservative Party last Friday and will act as an interim prime minister until a leadership contest is complete. Most leadership candidates have been keen to promote their
UK leadership race kicks off as the economy starts to weaken Cached Page below :
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UK leadership race kicks off as the economy starts to weaken

A leadership contest has kicked off in the U.K. after the resignation of beleaguered Prime Minister Theresa May and it looks like former Foreign Secretary and London Mayor Boris Johnson – a politician known for having a sharp wit as much as for his gaffes – could be the next leader of the country.

Monday was the deadline for nominations of those standing in the ruling Conservative Party’s leadership race and although there are 10 candidates on the final list, some names are more well-known than others including Boris Johnson and Jeremy Hunt (the current foreign minister), Home Secretary Sajid Javid and Michael Gove, the environment minister.

To be able to run as a candidate, Tory members of parliament (MPs) had to have the backing of eight colleagues. Now the final list of 10 candidates are known, a series of votes will take place to whittle the number down to two candidates who will face the wider Tory party membership who then pick their preferred candidate and decide on the party’s – and country’s – next leader. The final winner will be announced on July 22.

One frontrunner, Michael Gove, has seen his leadership bid hit by revelations about past cocaine use, leading to increased scrutiny on all the candidates, with some admitting to recreational drug use during their university years. Boris Johnson, meanwhile, has attracted some criticism for his promise of an income tax cut for those who earn over £50,000 a year (around $63,000).

British Prime Minister Theresa May stood down as the leader of the Conservative Party last Friday and will act as an interim prime minister until a leadership contest is complete. Conservative MPs will have their first vote on Thursday this week and that will see the least popular candidate eliminated from the leadership race (if they get less than a certain amount of votes).

The race to succeed her has put Brexit, by now something of a torturous parliamentary wrangle over the departure from European Union, both at the forefront of the political debate and on the backburner, because dealing with Brexit has been delayed by the leadership contest.

Most leadership candidates have been keen to promote their pro-Brexit credentials as the wider Conservative Party and pro-Brexit members of the public call on the government to make progress on leaving the EU by the new deadline of October 31.

Boris Johnson, who is widely expected to become Tory party leader according to polls, has said that he would try to renegotiate the Brexit deal that May hammered out with Brussels, claiming that he would withhold paying a £39 billion divorce bill that was previously agreed would be paid when the U.K. leaves the bloc.

After three years of Brexit negotiations since the Brexit referendum in June 2016, the potential prospect of talks being re-opened under Boris Johnson will send a long sigh of exasperation through the political establishment in Brussels.

Officials there have already said the deal on offer will not change making the possibility of a “no deal” departure from the union more like come October, even though the majority of lawmakers in the British Parliament have voted against such a scenario. Philip Hammond, Britain’s chancellor of the exchequer, told CNBC on Saturday that the probability of a no deal departure is “very small.”


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: holly ellyatt
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Theresa May officially steps down as Conservative leader but her Brexit plan stays

British Prime Minister Theresa May departs from 10 Downing Street ahead of Prime Ministers Questions session (PMQs) in Parliament, London on May 22, 2019. Theresa May resigned as Conservative Party leader on Friday, marking an end to a tumultuous three years at the head of U.K. politics. “The withdrawal agreement is not Theresa’s personal property, it stays in place” said Brexit Programme Director at the Institute for Government, Jill Rutter in a phone call to CNBC Wednesday. “The withdrawal agr


British Prime Minister Theresa May departs from 10 Downing Street ahead of Prime Ministers Questions session (PMQs) in Parliament, London on May 22, 2019. Theresa May resigned as Conservative Party leader on Friday, marking an end to a tumultuous three years at the head of U.K. politics. “The withdrawal agreement is not Theresa’s personal property, it stays in place” said Brexit Programme Director at the Institute for Government, Jill Rutter in a phone call to CNBC Wednesday. “The withdrawal agr
Theresa May officially steps down as Conservative leader but her Brexit plan stays Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-07  Authors: jordan stevens
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Theresa May officially steps down as Conservative leader but her Brexit plan stays

British Prime Minister Theresa May departs from 10 Downing Street ahead of Prime Ministers Questions session (PMQs) in Parliament, London on May 22, 2019.

Theresa May resigned as Conservative Party leader on Friday, marking an end to a tumultuous three years at the head of U.K. politics. She will remain in her prime ministerial post only until a replacement is elected and the failure to deliver Brexit is already being scripted as her legacy.

Members of Parliament (MPs) voted down her proposed “withdrawal agreement” for a third time at the end of March, but May’s departure may not necessarily mean that her blueprint for pulling the U.K. out of Europe will be completely discarded.

The withdrawal agreement — a 585-page document that outlines how the U.K. will leave the EU in March — is causing division among society and lawmakers.

“The withdrawal agreement is not Theresa’s personal property, it stays in place” said Brexit Programme Director at the Institute for Government, Jill Rutter in a phone call to CNBC Wednesday.

“The EU didn’t regard itself as negotiating with the transient British Prime Minister, it regarded itself as negotiating with the U.K. government,” added Rutter.

Since agreeing a draft withdrawal plan with May, European Union leaders have consistently claimed that talks will not be reopened.

Just last week, Jean-Claude Juncker revealed that he was “crystal clear” with Mrs May that “there will be no renegotiation.”

Whether the EU can maintain this hard-line stance remains to be seen but regardless of who becomes the next U.K. leader, it seems certain they will be tackling the future relationship with Europe under the guise of the withdrawal agreement already drawn up under Mrs May.

“The withdrawal agreement is there, it’s not a Theresa May withdrawal agreement. The UK government has agreed this, and the PM got her cabinet to support it. So, the first issue a new prime minister has to make clear is what are they going to do with the withdrawal agreement that is there,” said Rutter.

As they rally support for their campaigns, Conservative prime minster candidates have been circling around three options: Ignore the withdrawal agreement, renegotiate it, or ask parliament again to ratify it unchanged.


Company: cnbc, Activity: cnbc, Date: 2019-06-07  Authors: jordan stevens
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Eleven candidates vying to become UK’s next Prime Minister as Theresa May steps down

Eleven candidates vying to become UK’s next Prime Minister as Theresa May steps down3 Hours AgoCNBC’s Willem Marx reports from London on Theresa May’s final day as Britain’s Prime Minister.


Eleven candidates vying to become UK’s next Prime Minister as Theresa May steps down3 Hours AgoCNBC’s Willem Marx reports from London on Theresa May’s final day as Britain’s Prime Minister.
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Eleven candidates vying to become UK's next Prime Minister as Theresa May steps down

Eleven candidates vying to become UK’s next Prime Minister as Theresa May steps down

3 Hours Ago

CNBC’s Willem Marx reports from London on Theresa May’s final day as Britain’s Prime Minister.


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EU says disciplinary action is warranted for Italy over its rising debt

(From L) Italy’s Deputy Prime Minister and Minister of Economic Development, Labour and Social Policies, Luigi Di Maio, Italy’s Prime Minister, Giuseppe Conte and Italy’s Deputy Prime Minister and Interior Minister, Matteo Salvini on October 15, 2018. The European Commission, the EU’s executive arm, announced Wednesday that disciplinary proceedings against Italy are warranted because it’s breaking fiscal rules over its rising public debt. The Commission said that in its latest assessment of memb


(From L) Italy’s Deputy Prime Minister and Minister of Economic Development, Labour and Social Policies, Luigi Di Maio, Italy’s Prime Minister, Giuseppe Conte and Italy’s Deputy Prime Minister and Interior Minister, Matteo Salvini on October 15, 2018. The European Commission, the EU’s executive arm, announced Wednesday that disciplinary proceedings against Italy are warranted because it’s breaking fiscal rules over its rising public debt. The Commission said that in its latest assessment of memb
EU says disciplinary action is warranted for Italy over its rising debt Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: holly ellyatt
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EU says disciplinary action is warranted for Italy over its rising debt

(From L) Italy’s Deputy Prime Minister and Minister of Economic Development, Labour and Social Policies, Luigi Di Maio, Italy’s Prime Minister, Giuseppe Conte and Italy’s Deputy Prime Minister and Interior Minister, Matteo Salvini on October 15, 2018.

The European Commission, the EU’s executive arm, announced Wednesday that disciplinary proceedings against Italy are warranted because it’s breaking fiscal rules over its rising public debt.

The Commission said that in its latest assessment of member states’ compliance with deficit and debt rules, it had concluded that when it comes to Italy “a debt-based EDP is warranted.”

An EDP stands for an “Excessive Deficit Procedure” and is an action launched by the European Commission against any EU member state that exceeds the budgetary deficit ceiling or fails to reduce their debts. If an EDP went ahead, Italy could face a fine of around 3 billion euros ($3.4 billion), according to some reports.

“(The report) concludes that the debt criterion is not complied with and thus a debt-based excessive deficit procedure is warranted,” Valdis Dombrovskis, the EU Commission vice-president for the euro and social dialogue, said at a press conference.

“To be clear, today we are not opening the EDP. First, EU member states have to give their views on … the report then the economic and financial committee has two weeks to form its opinion on our conclusions. But it’s much more than just about the procedure, when we look at the Italian economy we see the damage that recent policy choices are doing.”

Worryingly for the Commission, Italy (Europe’s third-largest economy) has the second-highest debt pile in the EU (expected to reach 133.7% this year) and was asked to explain why its debt had risen in 2018.

Dombrovskis said the Commission estimated that Italy’s spending to service its debts in 2018 turned out to be 2.2 billion euros higher than expected in its 2018 spring forecast. He added that the country pays as much toward its debt servicing as it does toward its entire education system.

“Growth has come to almost a halt … and we now expect the Italian debt (to GDP) ratio to rise in 2019 and 2020 to over 135%,” he said.

Italian banking stocks fell 1% on the announcement Wednesday and the country’s bond prices (the amount investors will pay to hold Italian debt) also declined, signaling a drop in risk appetite toward the country.


Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: holly ellyatt
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