Italy's finance minister Tria addresses parliament over the government's fiscal outline
- Italy's economic growth gap with the EU is 'unacceptable'
- Italy's low growth didn't allow for debt-to-GDP cut
- Government wants to significantly reduce debt-to-GDP
- Lower global trade may hurt Italy's growth
- Reiterates that 2019 deficit will be at 2.4% of GDP
- 2020 deficit will be at 2.1%, 2021 deficit will be at 1.8%
Italian bonds are not liking the tone here from Tria as he sticks to his guns. The government isn't backing down from the deficit targets and Tria is making sure that the parliament committee and the EU are hearing it.
10-year yields are now at their highest levels on the day to 3.60%, paring earlier losses as Italian bonds start to slip.
