EU finance ministers agree Italy should face debt action


Save Story
Leer en español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

BRUSSELS (AP) — European Union finance ministers say Italy's high debt contravenes EU rules and that the country should face penalties for failing to comply.

Mario Centeno, who chairs meetings of finance ministers from the 19 countries using the euro currency, said Friday that they agree with a European Commission assessment "that a debt-based procedure is warranted."

Speaking after a eurogroup meeting in Luxembourg, Centeno said Italy has been "invited to take the necessary measures to ensure compliance" with the rules.

The commission, which supervises the budget plans of the 28 EU member states, says Italy's public debt stood at 132.2% of GDP in 2018, more than double the EU's 60% limit.

The commission is recommending that an "excessive deficit procedure" be launched. Italy could face massive fines, although this is unlikely.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

Business
The Associated Press
    KSL.com Beyond Business
    KSL.com Beyond Series

    KSL Weather Forecast

    KSL Weather Forecast
    Play button