The European Union is trying to head off what it fears is another Greek-style financial crisis in the making.
After Italy pledged to push through a big-spending budget promised by its newly elected populist leaders, the EU rejected the plan and has threatened unprecedented sanctions, to keep Italy’s debt in check. The European Commission says the nation’s proposed 2019 spending plans will boost debt and put it at risk of “sleepwalking” into a crisis like Greece’s, for which the EU would ultimately be responsible.
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