ICYMI: Italy hikes deficit, defying EU, as economy minister caves in

This is via Reuters on budget developments in Italy, cracking headline chaps!

Posting it up ahead of the Europe open, it should get some attention

Italy hikes deficit, defying EU, as economy minister caves in

That's the link but the main points:

• Italy's government on Thursday targeted the budget deficit at 2.4 percent of gross domestic product for the next three years
• defying Brussels and marking a victory for party chiefs over economy minister Giovanni Tria
• Tria had initially wanted a deficit set as low as 1.6 percent next year, hoping to respect European Union demands that Italy progressively cut the fiscal gap to rein in its high debt.
• The coalition government of the 5-Star Movement and the League, which took power in June, had been pushing for a deficit around 2.4 percent of GDP to fund costly policy pledges

Fasten your seatbelts, Italy is only going to get more volatile ahead.