Italy's Deputy Prime Minister Matteo Salvini could be willing to revise the country's 2019 budget in the face of EU opposition, according to local media reports Wednesday.
Italian newspaper La Stampa reported that Salvini could be open to reviewing the government's controversial 2019 budget, which has gone against previously agreed lower budget deficit targets with the European Commission — the legislative arm of the EU. The draft budget, which envisages a basic income for the poor, tax cuts and changes to pension reform, was rejected by Brussels which could decide to punish Italy if it doesn't change course.
La Stampa said Salvini was ready to reduce the planned spending on citizens' incomes and the unwinding of a previous pension reform, Reuters reported. However, Italy's Lega party, which makes up part of the coalition government in Italy and which Salvini leads, denied that he's seeking budget changes, according to Reuters who cited a single government source.
Italy's FTSE MIB rebounded on the initial news and was trading 1.25 percent higher. Markers more broadly were recovering form heavy losses seen in the previous session. After the denial, Italian stocks quickly pared gains.
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