Italian Prime Minister Giuseppe Conte meets the press at Palazzo Chigi before summer break, on August 08, 2018 in Rome, Italy. Photo: Simona Granati - Corbis/Corbis via Getty Images

Italy faces a potential downgrade in its sovereign credit rating from three agencies — Moody's, Fitch and S&P — as its newly-elected coalition government attempts to incorporate expensive campaign promises into its budget for next year, according to FXStreet.

The big picture: The spending promises made by the anti-establishment Five Star Movement and the far-right League, whose coalition government must approve a budget by mid-October, include cutting taxes while also boosting pensions and welfare — policies that could cost between $74 billion and $142 billion. Public debt already sits at 130% of GDP, second-largest in the euro zone, and an Italian banking crisis could spell serious trouble for the rest of Europe.

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Axios Re:Cap talks with Rep. David Cicilline (D-R.I.), chair of the subcommittee on antitrust, about Google, the DOJ's lawsuit and Congress' next move.

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Electrostatic spraying of disinfectant. Photo: Delta Air Lines

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Illustration: Aïda Amer/Axios

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