Meloni races to finalise budget to affirm markets’ faith in Italy

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Financial Times 19h ago

Meloni races to finalise budget to affirm markets’ faith in Italy - Financial Times

Quick Summary:

The calm in the market for Italian sovereign debt comes as neighbouring France confronts a political crisis that sent its own spread with German debt to a 12-year-high and led to a Moody’s ratings downgrade on Saturday.

Rome had hoped to squeeze more revenues out of small businesses and the self-employed to fund a small €2.3bn income tax cut for middle-income salaried workers, as sought by Forza Italia, a junior coalition partner of Meloni’s Brothers of Italy.

Rome’s final effort to settle on next year’s budget, which must be approved by parliament by December 31, comes amid a sharp turnaround in investor sentiment towards Italy after the jitters that initially greeted Meloni’s election.