Italy shows no sign of folding like the Greeks did a few years back when they took on the EU. From Mike “Mish” Shedlock at money-maven.io:
Italy’s is on a collision course with the EU in two different ways. The first regards Italy’s budget.
Outgoing European Commission President Jean-Claude Juncker warns Italy faces an “Excessive Deficit Procedure” and may be fined billions of euros. No country has ever been fined. This is the first time a country has faced such a ruling.
France regularly breaks the deficit rules but “France is France” as Juncker once stated.