The
European Union accepted the populist Italian Government’s budget for fiscal
year 2019 for the Italian
Republic last week. The Government had wanted to exceed the EU’s
limit for a budget deficit of 2% of gross domestic product by .4 with a
spending spree, but made other cuts to the budget, thereby paring down the
excess to .04% while maintaining its budget priorities. The Italian Parliament approved the budget
this weekend. The EU had found the
budget non-compliant and was prepared to invoke punitive measures. Italy , with the eighth largest
economy in the world (third in the eurozone) has a national debt of over $2.3
trillion, one of the largest in the world in terms of GDP. The Italian debt is slightly over 100% of Italy ’s GDP.
There have
been protests in Sudan
since mid-December, first about the cost of living, and now against the
tyrannical Sudanese leader. There were
demonstrations in several cities in Sudan , in addition to the capital.
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