Italy may seek EU slack on budget targets, citing coronavirus threat

Italys deputy economy minister said Tuesday that the EU ought to leave Italy some wiggle room on its budget targets if the blocs third-largest economy succumbs to the coronavirus outbreak rippling across Italys industrial north.

“There are resources that the EU can give us in relation to economic events that could lower GDP considerably,” Deputy Economy Minister Laura Castelli said in an interview with RAI radio, adding “We hope we wont need it.”

Seven people in Italy have died from the novel coronavirus, COVID-19, with more than 260 confirmed cases, mostly in the northern regions of Lombardy and Veneto, where local manufacturing accounts for half the countrys annual exports and a third of its overall economy.

Italys GDP shrank by 0.3 percent in the fourth quarter of 2019. Its tourism industry, which accountsRead More – Source

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