October 22, 2018 / 10:58 AM / a month ago

Germany tells Italy: You have to be careful with new debt

BERLIN, Oct 22 (Reuters) - German Finance Minister Olaf Scholz said on Monday that Italy with its large debt level had to be more careful when taking on new debt, adding it was now up to Italian politicians to resolve their budget dispute with the European Commission.

“Actually it’s pretty simple: Someone with a lot of debt has to be more careful when taking on new debt than someone who has little debt,” Scholz said during an event about Europe when asked by a citizen to comment on Italy.

“When you have a debt level of 130 percent of economic output, which is the case in Italy, then you simply have to be more careful,” said Scholz, a member of the centre-left Social Democrats (SPD).

The Italian Treasury told the European Commission on Monday that it would stick to its contested budget plans, but promised to intervene if it failed to meet its debt and deficit goals. (Reporting by Michael Nienaber, Editing by Tassilo Hummel)

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