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Italy

‘No chance of Italexit’: Italy is not leaving the EU or the euro, PM insists

(From L) Italy's Deputy Prime Minister and Minister of Economic Development, Labour and Social Policies, Luigi Di Maio, Italy's Prime Minister, Giuseppe Conte and Italy's Deputy Prime Minister and Interior Minister, Matteo Salvini attend a press conference following a Cabinet meeting on the country's draft budget, prior to its submission deadline to the European Commission on October 15, 2018 at Palazzo Chigi in Rome. (Photo by Filippo MONTEFORTE / AFP)

Italy will not leave the European Union or abandon the euro, Prime Minister Giuseppe Conte said on Monday amid a standoff with Brussels over the populist government’s big-spending budget. “Read my lips: for Italy there is no chance of Italexit, to get out of Europe or the eurozone,” Conte told journalists in Rome after the European Commission voiced serious concern ... Read More »

Italy defends budget as EU warns of ‘unprecedented’ rules breach

Italy's Economy Minister Giovanni Tria holds a joint news conference with European Economic Commissioner Pierre Moscovici at the Treasury ministry in Rome, Italy October 18, 2018. REUTERS/Max Rossi

BRUSSELS: Italy’s Prime Minister defended its free-spending budget on Thursday, brushing off criticism from Brussels as the European Commission stepped up pressure over a draft it labeled an unprecedented breach of EU fiscal rules. Giuseppe Conte also faced discontent over the 2019 fiscal plan at home, calling a meeting of the government for Saturday to stave off an emerging internal ... Read More »

Italy releases Tunisian fishermen held on suspicion of smuggling migrants

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Judges in Palermo have ordered the immediate release of six Tunisian fishermen who were arrested by the Italian police on suspicion of enabling the smuggling of migrants. The men were captured at sea early in September after their trawler released a small vessel it had been towing with 14 migrants onboard, 24 miles (37km) from the coast of the Italian ... Read More »

IMF warns Italy not to breach EU spending rules in next budget

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The International Monetary Fund has thrown its weight behind Brussels in its battle with Italy’s coalition government over plans to increase the indebted country’s borrowing in its next budget. The Washington-based lender of last resort, which is holding its annual conference in Bali this week, warned Rome to abide by the EU’s financial rulebook or risk a rebellion by investors ... Read More »

Italian banks face twin challenges of capital and funding

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MILAN: A spike in Italy’s bond yields has put the country’s banks under renewed pressure, raising the specter of capital shortfalls just as challenging refinancing deadlines near. Domestic government bonds account for 10 percent of Italian banks’ total assets, making them vulnerable to a rise in Rome’s debt costs under the anti-austerity government. Caught in the bank-sovereign “doom loop,” Italian ... Read More »

Italy releases Tunisian fishermen held on suspicion of smuggling migrants

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Judges in Palermo have ordered the immediate release of six Tunisian fishermen who were arrested by the Italian police on suspicion of enabling the smuggling of migrants. The men were captured at sea early in September after their trawler released a small vessel it had been towing with 14 migrants onboard, 24 miles (37km) from the coast of the Italian ... Read More »

Italy’s budget could prove a boon for nationalists at next year’s European elections, analyst says

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The Italian spending plan for 2019 could be a boost for nationalist parties in the upcoming European elections, an analyst told CNBC on Monday. The 2019 budget that the Italian government is due to present in the coming days has kept investors on their toes. There are wide concerns that the populist government will present a budget that will derail ... Read More »

Italy busts ‘jihadist’ smuggling ring bringing migrants from Tunisia in high-speed boats

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Italian authorities have arrested 13 suspects in a high-speed migrant trafficking ring operating between Tunisia and Sicily whose members espoused radical jihadist views. Italian financial police in Sicily said Tuesday that a wiretapped conversation between two traffickers revealed one saying he intended to travel to France and carry out a suicide attack and asking for prayers. The trafficking group allegedly ... Read More »

Italian and British police bust racket that smuggled migrants to UK

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Police in Italy and the UK have arrested a gang of people smugglers who modified documents acquired from Italian citizens to smuggle Albanian nationals into the UK. A 42-year-old Albanian man and his wife were arrested in Kent, south-east England, by the Metropolitan Police as part of an operation led by Italian police and codenamed ‘Tower Bridge.’ For a fee ... Read More »

Italy’s top ministers look to reassure markets over 2019 budget

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ROME: Italy’s top ministers issued a barrage of statements on Wednesday to reassure financial markets over the government’s forthcoming budget, promising to keep state accounts in check and maintain economic stability. The concerted charm campaign helped push Italian bond yields to their lowest in almost a month, as hopes grew that the coalition, comprising the rightist League and anti-establishment 5-Star ... Read More »

Italian couple arrested for sending weapons to Isis

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Italian police arrested a married couple on suspicion of sending weapons to a faction of terrorist group Isis. Police believe the pair sent weapons including assault rifles, surface-to-air missiles and even helicopters to Iran and Libya between 2011 and 2015, despite an embargo. The couple in their 60’s have been named as Annamaria Fontana and Mario Di Leva – known ... Read More »

Italian police seize €50 million stash of ‘Isis drugs’

A view of the Italian port of Gioia Tauro, in the southern region of Calabria on February 4, 2014. Italy approved its southern port as the transfer site for 560 tons of Syrian chemical weapons material to a US ship and later destroyed at sea as part of the UN-backed plan to destroy Syria’s chemical weapons arsenal.  AFP PHOTO / Filippo MONTEFORTE / AFP PHOTO / FILIPPO MONTEFORTE

Police in Italy have seized a stash of drugs that they believe Isis planned to sell to finance terrorist attacks, authorities said. Customs officials discovered more than 24 million pills of a powerful opiate at Italy’s largest container port, south-western Gioia Tauro, according to prosecutors in the nearby city of Reggio Calabria. The drugs, prescription painkillers called Tramadol, had arrived ... Read More »

Italian police seize €50 million stash of ‘Isis drugs’

A view of the Italian port of Gioia Tauro, in the southern region of Calabria on February 4, 2014. Italy approved its southern port as the transfer site for 560 tons of Syrian chemical weapons material to a US ship and later destroyed at sea as part of the UN-backed plan to destroy Syria’s chemical weapons arsenal.  AFP PHOTO / Filippo MONTEFORTE / AFP PHOTO / FILIPPO MONTEFORTE

Police in Italy have seized a stash of drugs that they believe Isis planned to sell to finance terrorist attacks, authorities said. Customs officials discovered more than 24 million pills of a powerful opiate at Italy’s largest container port, south-western Gioia Tauro, according to prosecutors in the nearby city of Reggio Calabria. The drugs, prescription painkillers called Tramadol, had arrived ... Read More »

Italian police smash £30m international ancient artefact smuggling ring

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Police have arrested an international ring of traffickers alleged to have smuggled thousands of stolen Sicilian archaeological treasures worth more than £30 million to collectors and auction houses across Europe. A British art dealer and 20 Italians have been arrested, along with one person in Spain and another in Germany, after police identified artefacts looted from Greek and Roman archeological ... Read More »

Italy busts new smuggling ring bringing migrants from Tunisia

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PALERMO, Italy: Italy has broken up a criminal ring that smuggled migrants from Tunisia to Sicily on speedboats less than a year after a similar racket was dismantled, magistrates said on Tuesday. Prosecutors in Palermo issued arrest warrants for 13 people — seven Tunisians, five Moroccans and an Italian woman — suspected of people smuggling and trafficking in contraband cigarettes, ... Read More »

Egypt retrieves smuggled artifacts, ancient coins busted in Italy

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Egypt retrieved hundreds of smuggled artifacts and thousands of ancient coins busted by the Italian authorities in the city of Naples months ago, the Egyptian general prosecution said in a statement Saturday. The statement said that “195 small artifacts and 21,660 coins dating back to the ancient Egyptian civilization have arrived at Cairo airport.” The Egyptian prosecution has previously ordered ... Read More »

Italian police bust gang smuggling fuel from Libya to Europe

An employee serves oil at a petrol station still opened during a strikeon December 11, 2012 in Rome.  The strike of petrol stations in Italy started the day before at 7 PM and will last until December 14 at 7 PM.  AFP PHOTO / ANDREAS SOLARO / AFP PHOTO / ANDREAS SOLARO

Smugglers have been stealing fuel in Libya and selling it on across Europe, according to Italian police. Italian police said on Wednesday that they had broken up a network selling low-quality Libyan diesel fuel worth €30 million euros at service stations in Sicily and as far away as France and Spain. In a year-long investigation, the Guardia di Finanza financial ... Read More »

Italy tells rescue ship to take migrants to the Netherlands

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ROME: Italy’s anti-immigrant interior minister accused a German charity on Thursday of ignoring coastguard orders when its Dutch-flagged ship picked up 226 migrants off Libya’s coast and he said they should be taken to the Netherlands not Italy. Earlier this month Matteo Salvini pledged to no longer let charity ships offload rescued migrants in Italy, leaving the Gibraltar-flagged Aquarius stranded ... Read More »

Italy’s Economy Minister Insists Abandoning Euro Not Planned

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ROME (AP) — ITALY’S NEW populist government isn’t considering leaving the eurozone, the country’s economy minister insisted, dismissing financial markets’ rocky reaction to the euroskeptic coalition now in power as “normal questions that accompany political transition.” Economy Minister Giovanni Tria told Italy’s national Corriere della Sera newspaper in an interview published Sunday that the “position of the government is clear-cut ... Read More »

German finance minister seeks to reassure Germans on Italy concerns

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BERLIN: German Finance Minister Olaf Scholz late on Thursday sought to assuage German citizens about Italy’s financial outlook as the new coalition government in Rome called for tough negotiations with Europe over the economy. Italy’s Prime Minister Giuseppe Conte, backed by the anti-establishment 5-Star movement and the far-right League, won a confidence vote in the lower house of parliament on ... Read More »