October 11, 2018 / 10:36 AM / 2 months ago

EU's Katainen warns of contagion risks from instability due to Italy budget

BRUSSELS, Oct 11 (Reuters) - European Commission Vice President Jyrki Katainen urged Italy on Thursday to submit a draft budget that was in line with its previous commitments and warned of risks for Italy and other euro zone states.

“The situation is very fragile,” he told reporters when asked about Italy’s budgetary plans and initially negative market reactions.

He added that no one wanted financial instability that could hit Italy and other euro zone countries “that may suffer from contagion risks”. (Reporting by Francesco Guarascio; editing by Philip Blenkinsop)

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