Italy Budget Crisis: Italy faces EU penalties over budget deficit

The European Commission has fired the first salvo in its stand-off with Italy over its big-spending budget, by launching formal proceedings that could result in multi-billion dollar financial sanctions. Rome had repeatedly been told to revise its budget but the populist government has so far refused, saying its proposed spending measures are designed to boost the eurozone's third-largest economy. Mobin Nasir reports. #Italy #EU #BudgetCrisis