Italy and France far-right leaders slam Brussels 'bunker'

Salvini Slaps Down Globalist EU Chiefs for ‘Ruining’ Italy Europe		Getty Images7 Oct 2018

"I hope no one has prejudice towards this government, or unusual intentions", Salvini, who is also head of the ruling far-right League party, said in an interview with RTL 102.5 radio.

With the Commission in Brussels taking action against Poland over its Supreme Court reforms and a recent legal challenge against the Hungarian government; populist governments and the EU's institutions are locked in an increasingly bitter dispute.

Local stocks fell for a third day, with the FTSE-MIB Index of shares sliding as much as 2.5% to the lowest level since April 2017. When these finally appeared, some of the numbers contained in the delayed report were significantly different from those initially proposed by Salvini and his Five Star counterpart, Luigi di Maio.

"The politics of austerity of the last few years have increased Italian debt and impoverished Italy".

His words failed to reassure the market, with 10-year yields hitting a 4-1/2 year high IT10YT=RR , pushing the premium investors demand for holding the bonds over top-rated Germany paper to around 312 basis points, its widest in five years. He's in Berlin Monday for talks with officials including Economy and Energy Minister Peter Altmaier.

Salvini heads the League party, one of the two major parties supporting the government of Prime Minister Giuseppe Conte.

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Italy will do whatever is necessary to restore calm if market turbulence turns into a financial crisis, Economy Minister Giovanni Tria said on Tuesday, calling for more measured debate over government budget plans. "It will be the emergence of a Europe of nations, a Europe of respect, a Europe of protection", she said, referring to the EU Parliament vote.

Just a short distance across the Italian capital, Le Pen was calling for a radical overhaul of European Union structures to give national governments more say.

"The Italians are continuing to test the EU's resolve", said Jens Peter Sorensen, chief analyst at Danske Bank A/S.

The government has to send a draft budget to Brussels by 15 October and European Union officials have signaled that their plans for a deficit of 2.4% of GDP next year will put them in breach of European Union rules.

The standoff is about to culminate as the Italian government will deliver a draft 2019 budget to the European Commission on October 15.

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