European Commission reject’s Italy revised budget - ANSA

According to the latest headlines floating on the wires, via the ANSA news agency, the European Commission is reported to have rejected Italy's revised budget proposal. 

The report further indicated that the EU Commission made a recommendation to adopt a disciplinary procedure against Italy for excessive debt.

The outcome is very much on expected lines and hence, did little to prompt any fresh downside for the shared currency, at least for the time being.