Latest news with #Giorgetti
Reuters
30-07-2025
- Business
- Reuters
Italy flags interest in tapping EU SAFE fund for defence
ROME, July 30 (Reuters) - Italy has asked to tap a new European Union arms-buying fund aimed at helping member states to fund their investments in defence, Economy Minister Giancarlo Giorgetti said on Wednesday. Together with other NATO partners, Italy has committed to boost its defence spending to 3.5% of national output from the current 2% and commit a further 1.5% to broader security-related spending, meeting U.S. President Donald Trump's demand for a 5% overall target. Italy was among several countries that have asked the European Commission to tap the fund, Giorgetti told reporters on the sidelines of a parliamentary session, confirming what three government officials had previously said. By tapping the Security Action for Europe (SAFE) scheme Italy would expect to secure access to funding at lower interest rates than it would pay by issuing sovereign bonds on the market, Giorgetti said. "If you ask me to choose between paying 3.5% on domestic government bonds or 3% on SAFE loans the economy minister if he is not dumb replies: I pay 3% on SAFE loans and save some interest," he told reporters. Under the scheme, the EU will issue up to 150 billion euros ($173 billion) of funding over a decade to provide loans to EU countries to support common defence procurement. Rome wants to use up to 15 billion euros of SAFE loans to finance already planned spending through 2030, one of the officials said. ($1 = 0.8657 euros)
Hypebeast
26-06-2025
- Entertainment
- Hypebeast
Massimo Giorgetti Unveils MSGM SS26 Collection Inspired by Raw Cycling Culture
Summary Massimo Giorgetti'sSpring/Summer 2026collection forMSGMtaps into the gritty, unfiltered side of cycling — not the glossy spectacle of professional racing, but the culture behind the ride itself. Inspired by the motion, fatigue and freedom of the sport, Giorgetti captures the spirit of life on two wheels with a collection that blurs the line between sport and style. For the campaign, Giorgetti partnered with Collective 24.7 Fastlife, a group of real Milanese cyclists whose bodies bear the marks of their devotion. Featured alongside models in the lookbooks, their presence lends an authenticity that mirrors the collection's emphasis on rawness and lived experience. The collection feature lightweight, breathable silhouettes that take form in sun-bleached fabrics and grass-stained denim, exuding the weathered beauty of long rides. Vibrant colors clash and blend with intention, enhanced by abstract graphics, gradient transitions and rich textures that bring a sense of movement and unpredictability. Giorgetti explores cycling's duality — the tension between urban grit and natural expanse, between motion and stillness. His own iPhone snapshots from personal rides are reimagined as abstract prints, adding a personal narrative to the collection. Technical fabrics play a central role: with nylon used to promote mobility, Cordura textiles that ensures durability, and mesh mimics the breathability of real cycling kits. The tailoring is fluid and deconstructed, allowing for ease of movement while maintaining visual impact. Every fade, wrinkle, and stain feels intentional — earned through imagined miles, not just manufactured. Giorgetti's SS26 collection is a bold testament to the synergy of sport and streetwear. It honors the intensity, grit, and poetry of cycling — where every piece tells a story of motion, effort and expression.
AsiaOne
20-06-2025
- Business
- AsiaOne
Italy, pressed to boost defence spending, lashes at 'stupid' EU rules, World News
ROME — European Union budget rules are "stupid and senseless" and need to be changed to allow member states to boost defence spending as recommended by Brussels, Italian Economy Minister Giancarlo Giorgetti said on Thursday (June 19). The EU Commission has introduced flexibility clauses to allow more investment in security, but Giorgetti said their current form penalises countries such as Italy, which are under a so-called EU infringement procedure for their excessive deficits. "It is essential to find ways to bring these rules up to date with the crisis we are experiencing so that they do not seem stupid and senseless," the minister said in a statement issued by his staff on the sidelines of a meeting with euro zone peers in Luxembourg. The title of the statement was blunter, saying Giorgetti called for changes to "stupid and senseless rules". Brussels has proposed allowing member states to raise defence spending by 1.5 per cent of gross domestic product each year for four years without any disciplinary steps that would normally kick in once a deficit is more than three per cent of GDP. The plan came amid growing pressure in Europe to boost military spending to deter a potential attack from Russia and become less dependent on the United States. Highly-indebted Italy is set this year to meet the Nato defence target of two per cent of GDP through a series of accounting changes, but an alliance summit next week is expected to raise the goal to five per cent of GDP. Giorgetti said that, under the Commission's scheme, member states not subject to the EU's excessive deficit procedure would be allowed to use the extra leeway on defence without breaching budget rules, even if their deficits rise above the three per cent of GDP ceiling. However, "member states already in the infringement procedure cannot use the same flexibility," he added. In this situation Italy is reluctant to use the EU flexibility clause because it would prevent it from lowering its deficit to 2.8 per cent of GDP in 2026 from 3.4 per cent last year, as planned. "Italy is committed to a timely exit from the infringement procedure and accepting the invitation to increase defence spending would forever prevent this," Giorgetti said. Rome is also wary of any move that could harm its improving reputation on financial markets, two government officials said. Last month, credit ratings agency Moody's upgraded Italy's outlook to "positive" after rival S&P Global raised the country's rating to "BBB+" from "BBB". Italy's preferred option would be the issuance of common EU debt to finance higher defence spending, one of the officials said, but such a plan would require support from the other bloc members. [[nid:716943]]
Straits Times
19-06-2025
- Business
- Straits Times
Italy, pressed to boost defence spending, lashes out at ‘stupid' EU rules
Italy's Minister of Economy and Finance Giancarlo Giorgetti attends a press conference during the G7 Finance Ministers and Central Bank Governors' Meeting in Stresa, Italy May 24, 2024. REUTERS/Massimo Pinca/File Photo ROME - European Union budget rules are "stupid and senseless" and need to be changed to allow member states to boost defence spending as recommended by Brussels, Italian Economy Minister Giancarlo Giorgetti said on Thursday. The EU Commission has introduced flexibility clauses to allow more investment in security, but Giorgetti said their current form penalises countries such as Italy, which are under a so-called EU infringement procedure for their excessive deficits. "It is essential to find ways to bring these rules up to date with the crisis we are experiencing so that they do not seem stupid and senseless," the minister said in a statement issued by his staff on the sidelines of a meeting with euro zone peers in Luxembourg. The title of the statement was blunter, saying Giorgetti called for changes to "stupid and senseless rules". Brussels has proposed allowing member states to raise defence spending by 1.5% of gross domestic product each year for four years without any disciplinary steps that would normally kick in once a deficit is more than 3% of GDP. The plan came amid growing pressure in Europe to boost military spending to deter a potential attack from Russia and become less dependent on the United States. Highly-indebted Italy is set this year to meet the NATO defence target of 2% of GDP through a series of accounting changes, but an alliance summit next week is expected to raise the goal to 5% of GDP. Giorgetti said that, under the Commission's scheme, member states not subject to the EU's excessive deficit procedure would be allowed to use the extra leeway on defence without breaching budget rules, even if their deficits rise above the 3% of GDP ceiling. However, "member states already in the infringement procedure cannot use the same flexibility," he added. In this situation Italy is reluctant to use the EU flexibility clause because it would prevent it from lowering its deficit to 2.8% of GDP in 2026 from 3.4% last year, as planned. "Italy is committed to a timely exit from the infringement procedure and accepting the invitation to increase defence spending would forever prevent this," Giorgetti said. Rome is also wary of any move that could harm its improving reputation on financial markets, two government officials said. Last month, credit ratings agency Moody's upgraded Italy's outlook to "positive" after rival S&P Global raised the country's rating to "BBB+" from "BBB." Italy's preferred option would be the issuance of common EU debt to finance higher defence spending, one of the officials said, but such a plan would require support from the other bloc members. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
19-06-2025
- Business
- The Star
Italy, pressed to boost defence spending, lashes at 'stupid' EU rules
Italy's Minister of Economy and Finance Giancarlo Giorgetti attends a press conference during the G7 Finance Ministers and Central Bank Governors' Meeting in Stresa, Italy May 24, 2024. REUTERS/Massimo Pinca/File Photo ROME (Reuters) -European Union budget rules are "stupid and senseless" and need to be changed to allow member states to boost defence spending as recommended by Brussels, Italian Economy Minister Giancarlo Giorgetti said on Thursday. The EU Commission has introduced flexibility clauses to allow more investment in security, but Giorgetti said their current form penalises countries such as Italy, which are under a so-called EU infringement procedure for their excessive deficits. "It is essential to find ways to bring these rules up to date with the crisis we are experiencing so that they do not seem stupid and senseless," the minister said in a statement issued by his staff on the sidelines of a meeting with euro zone peers in Luxembourg. The title of the statement was blunter, saying Giorgetti called for changes to "stupid and senseless rules". Brussels has proposed allowing member states to raise defence spending by 1.5% of gross domestic product each year for four years without any disciplinary steps that would normally kick in once a deficit is more than 3% of GDP. The plan came amid growing pressure in Europe to boost military spending to deter a potential attack from Russia and become less dependent on the United States. Highly-indebted Italy is set this year to meet the NATO defence target of 2% of GDP through a series of accounting changes, but an alliance summit next week is expected to raise the goal to 5% of GDP. Giorgetti said that, under the Commission's scheme, member states not subject to the EU's excessive deficit procedure would be allowed to use the extra leeway on defence without breaching budget rules, even if their deficits rise above the 3% of GDP ceiling. However, "member states already in the infringement procedure cannot use the same flexibility," he added. In this situation Italy is reluctant to use the EU flexibility clause because it would prevent it from lowering its deficit to 2.8% of GDP in 2026 from 3.4% last year, as planned. "Italy is committed to a timely exit from the infringement procedure and accepting the invitation to increase defence spending would forever prevent this," Giorgetti said. Rome is also wary of any move that could harm its improving reputation on financial markets, two government officials said. Last month, credit ratings agency Moody's upgraded Italy's outlook to "positive" after rival S&P Global raised the country's rating to "BBB+" from "BBB." Italy's preferred option would be the issuance of common EU debt to finance higher defence spending, one of the officials said, but such a plan would require support from the other bloc members. (Editing by Alvise Armellini and Gavin Jones)
