Repubblica reports on the matter
- EU commission may open discipline process for Italy budget, risking $4B fine
- European Commission reportedly has sent a letter to Italy on violation of debt-reduction rules
The battle continues between the EU and Italy and should the heads of EU member states approve the measure, then it would move over to finance ministers to endorse the decision as well. Although Italy isn't seen as a major risk in terms of euro pricing just yet, do take note that not all markets are as complacent. In the bond market, traders are starting to see Greece as a safer bet than Italy and that says a lot:
