Recent reports have suggested that both Italy and Germany pose a serious threat to the European Union's stability and Growth pact as a result of rising budget deficits.
The Financial Times reported this week that Italy's deficit increased at an alarming rate in the period to August, despite the tax-cutting programme on which Prime Minister, Silvio Berlusconi was elected to power last year. Blaming slow economic growth, and an inflation rate above the eurozone average, the FT speculated that the government may not be able to deliver on its promises to either the European Union, or Italian taxpayers.
Meanwhile, the German Finance Ministry announced on Monday that it will miss its budget deficit target for this year, although it stressed that the figure will remain under the European Union's 3% ceiling. According to the FT, the prospect of breaching this boundary has become an increasingly contentious issue in the run-up to the general election in Germany.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment