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If @EU_Commission begins excessive deficit procedure against Italy (which I doubt) next week we will see how the idiocy of the so called 6-pack has made the Stability and Growth Pact (SGP) even more stupid
Commission disciplinary case against Italy focuses on its overall debt of 132% of GDP compared to the eurozone ceiling of (a supposed) 60% rather a confrontation over annual budgets
The absurd 6-pack reforms to the SGP mean that Italy would under excessive deficit procedure (EDP) have to reduce its debt, that over the 60% ceiling, by 1/20 a year or some 3% of GDP a year. Scorched earth. Eurozone stupidity
That would mean cuts of well over 50 billion a year - imagine that in a democracy. Otherwise Italy would face fines
