Italy quake caused at least 4 billion euros of damage: PMSeptember 23, 2016 - 16:52 AMT PanARMENIAN.Net - An earthquake that killed 297 people in central Italy last month caused damage worth at least 4 billion euros ($4.5 billion), Prime Minister Matteo Renzi said on Friday, September 23, Reuters reports. Renzi, who is looking for as much fiscal leeway as possible from the European Commission as he prepares his 2017 budget, has said he expects earthquake-related costs to be excluded from the EU's budget deficit limits. However, he has remained vague on whether those costs should include only the immediate aid and reconstruction effort for the towns affected, or also costs related to a broader project to make Italy's buildings more earthquake-resistant. "We are looking at a minimum of 4 billion euros ($4.48 billion)," Renzi told reporters on Friday in his first estimate of the extent of the damage in the mountain towns hit by the Aug. 24 quake. He said all money spent on making Italy's schools earthquake proof would be excluded from EU's Stability Pact which sets deficit ceilings for the bloc's members. It remains to be seen whether the EU Commission will agree with this approach. The government, which will publish new economic forecasts next week, is expected to sharply raise its target for the 2017 budget deficit from the current goal of 1.8 percent of gross domestic product. Brussels says it has granted Italy "unprecedented" budget flexibility in recent years and is concerned about Rome's inability to bring down its public debt, the highest in the euro zone after Greece's as a percentage of GDP. Renzi has insisted that the EU'S fiscal rules should be relaxed, and has attacked his fellow leaders for failing to acknowledge that austerity policies have been counter productive. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | U.S. believes peace is “possible” in South Caucasus The United States continues to believe that peace is possible in the South Caucasus, Vedant Patel said. Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. |