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Italy's Savona confident of agreement with EU over budget

Published 10/08/2018, 01:04 PM
Updated 10/08/2018, 01:10 PM
© Reuters. European Affairs Minister Savona holds a press conference at the Foreign Press Club in Rome

ROME (Reuters) - European Affairs Minister Paolo Savona said on Monday he was confident Italy would reach an agreement with the European Union over its expansionary multi-year budget plan.

"The market reaction has been very moderate, we expected a much worse reaction," Savona said.

Savona said that although he expected a deal with the EU, if this did not happen it could spark a broad financial crisis which was "in nobody's interests."

"The behavior of the Commission is fundamental" in determining future market movements, he added.

© Reuters. European Affairs Minister Savona holds a press conference at the Foreign Press Club in Rome

The European Commission has already expressed concern over the country's budget targets but earlier on Monday EU Economic Commissioner Pierre Moscovici said that a softer tone over the budget would improve talks.

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