November 5, 2018 / 6:29 PM / 10 days ago

Italy tells euro zone peers working on compromise budget - Italian official

BRUSSELS, Nov 5 (Reuters) - Italian Economy Minister Giovanni Tria told his euro zone peers on Monday he was working to reach a compromise in a dispute with the European Commission over Italy’s 2019 draft budget that breaks European Union rules, an Italian official said.

Italy’s draft budget, which envisages an increase in the structural deficit by 0.8 percent of GDP next year rather than the 0.6 percent of GDP decrease required by EU rules, was rejected by the European Commission last month.

Rome has until Nov. 13 to send Brussels a new draft budget that would be in line with EU rules or face a disciplinary process that could end with a fine of 0.2 percent of GDP. (Reporting By Francesco Guarascio, writing by Jan Strupczewski; Editing by Janet Lawrence)

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