European Commission President Jean-Claude Juncker suggested on Tuesday that the EU was unlikely to give the thumbs up to Italy's draft budget, which foresees the country's deficit rising to 2.4% of GDP next year.
"If we accepted the slip, some European countries would cover us with insults and tirades with the accusation we are being too flexible with Italy," Juncker told Italian media.
The European Union would not survive Italy exiting the bloc, Juncker said. "Europe needs Italy and Italy needs Europe," Juncker said, answering "No" when asked if Europe could survive an Italian exit. Juncker recalled that recent surveys suggest that the majority of Italian people are in favour of Italy being in the eurozone.
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