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Italy needs to cut EUR 2.5-3 billion to clear 2019 budget with EU – Corriere della Sera

According to the Italian daily newspaper, Corriere della Sera, the European Commission has asked Italy for a further EUR 2.5 billion – EUR 3 billion ($3.40 billion) in savings before approving the country’s 2019 budget, Reuters reports.

Corriere further reported that Italy’s Finance Minister Tria had told EU Commission Vice-President Dombrovskis in a phone call that Deputy Prime Ministers Matteo Salvini and Luigi Di Maio opposed further cuts because they did not want next year’s deficit target to fall below the revised level of 2.04%.

Turkey: Economy is now heading towards a recession – ABN AMRO

Nora Neuteboom, economist at ABN AMRO, points out that Turkey has been experiencing a decade-long, credit-led economic boom, largely funded by short-t
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US Dollar slides to 4-week lows, farther below mid-96.00s

   •  Expectations of a dovish Fed kept exerting downward pressure on the USD.    •  The prevalent risk-off mood does little to stall the ongoing cor
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