by Mike ‘Mish’ Shedlock
Fresh on the heels of a banking crisis in Italy and a “surprise” budget blowout in Spain earlier today, a group of eight countries seeks a change in the way the EU calculates deficits.
The eight countries, including Spain and Italy, want more time to meet Eurozone budget deficit requirements.
Bloomberg reports Italy Leads Eight-Nation Push for EU to Change Budget Analysis
Italy, Spain and six other euro-area nations want the European Commission to change its methods for analyzing budgets so that countries can spend more in a downturn.