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Italy Posts Budget Surplus As Deficit Shrinks

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Italy ends 2024 on a high note with a budget surplus — the first in five years — as tax revenues rise and spending drops. Credit : Shutterstock, Below the Sky

For the first time in several years, Italy has ended a quarter with its books in the black. The final three months of 2024 saw the country post a public surplus of 0.4 per cent of GDP, a sharp turnaround from the 6.6 per cent deficit recorded at the end of 2023.

According to national stats agency ISTAT, this isn’t just a lucky break — it’s the result of a solid rise in tax revenue and a notable drop in government spending, particularly around tax relief schemes. In short, more money came in than went out, and for once, Italy’s balance sheet is looking a little healthier.

Tax pressure has edged up slightly, hitting 50.6 per cent of GDP — but that’s largely down to a stronger inflow of revenue, up 3.4 per cent, while spending dipped by 8.3 per cent.

Italy cuts deficit, but massive public debt still looms

On a broader scale, Italy’s annual deficit has fallen more than expected, coming in at 3.4 per cent of GDP for 2024, down from 7.2 per cent in 2023. That’s also better than the government’s own target of 3.8 per cent — not a bad look for Prime Minister Giorgia Meloni and her team.

But let’s not break out the prosecco just yet. Rome is still under pressure from Brussels to clean up its finances further. With a public debt approaching €3 trillion, there’s little wiggle room. The goal? Bring the deficit down to 2.8 per cent by 2026 to stay within the EU’s 3 per cent cap. For 2025, the government is aiming for a deficit of 3.3 per cent.

Italy’s growth stalls as global economic risks rise

On the growth front, it’s steady — but not spectacular. Italy’s economy grew by 0.7% in 2024, matching the rate seen in 2023. The final quarter saw a tiny 0.1 per cent uptick, but there was no growth at all in Q3.

Looking ahead, the government is betting on 1.2 per cent growth in 2025, and slightly less in 2026. But those forecasts might need revising. With Trump’s latest trade war heating up, countries like Italy — which rely heavily on exports — could feel the squeeze.

Case in point: Italy’s trade surplus with the US hit €38.9 billion last year, which could draw unwanted attention in Washington. Tariff hikes may be on the horizon.

The Italian cabinet is expected to review its economic strategy next week — and in the current climate, a cautious but flexible plan might be the safest route forward.

Stay tuned with Euro weekly news for more news from Italy

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Bye, Socio 88,235: Pope’s Love For El Ciclón

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Pope Francis with San Lorenzo’s jersey in 2013. Credit: San Lorenzo

Pope Francis has passed away at the age of 88, at his residence, due to ‘an asthmatic respiratory crisis of prolonged magnitude.’

Born as Jorge Mario Bergoglio in Buenos Aires, Pope Francis was not just a spiritual leader to over a billion Catholics. He was also a lifelong football enthusiast. And above all, a devoted fan of San Lorenzo de Almagro.

A childhood love that never faded

His love for El Ciclón, San Lorenzo’s nickname, began early. In 1946, not yet 10 years old, young Jorge attended his first San Lorenzo match, where he fell in love with the club and idolized star striker René Pontoni.

Decades later, Pope Francis could still name that starting eleven of San Lorenzo, never forgetting players like Rinaldo Martino or Armando Farro. He became a lifelong socio (member) of the Buenos Aires club, proudly holding membership number 88,235.

From cardinal to Pope, but always a cuervo

He rose in time through the ranks of the Church, but he remained always loyal to San Lorenzo. “Pope Francis lives in a permanent state of suffering for San Lorenzo,” one close friend once said, pointing out the deep emotional bond he had with the team from the Boedo neighborhood in Buenos Aires.

After his election as Pope, San Lorenzo paid tribute in a unique way. During a match against Colón, players wore jerseys printed with his face. In 2014, when the club won the prestigious Copa Libertadores, the team flew straight to the Vatican to present the trophy to their most famous fan. The Pope, visibly moved, received a personalized shirt and a replica of the cup. “San Lorenzo is part of my cultural identity,” he declared.

San Lorenzo’s tribute to its most famous fan

Following the news of his death, San Lorenzo released a moving tribute: “He was never just one more, he was always one of us. A Cuervo as a child and as a man… A Cuervo as a priest and cardinal… A Cuervo even as Pope…

He always shared his passion for El Ciclón: when he used to go to the Old Gasómetro to watch the 1946 team, when he confirmed Angelito Correa in the chapel of Ciudad Deportiva, when he welcomed the azulgrana visits to the Vatican — always with total joy… Member No. 88,235. From Jorge Mario Bergoglio to Francis, one thing never changed: his love for El Ciclón.

Wrapped in deep sorrow, from San Lorenzo today we say to Francis: Farewell, thank you, and until forever! We will be together for eternity!”

Bye, socio 88,235: Pope Francis and his eternal love for El Ciclón
Pope Francis was holding membership number 88,235 at San Lorenzo.
Credit: San Lorenzo

Football, a piece of Pope Francis’s soul

For Pope Francis, football was never just a game. It was, as for many Argentines, a piece of his soul, mixing it with his responsibilities as a Pope. We can say now that his faith shaped the whole world, but his love for San Lorenzo showed his humanity.

And this is just a reminder that even the most powerful spiritual figure on Earth could still be a passionate football fan, cheering for his boyhood club.

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Copenhagen–Basel Night Train Coming Soon

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The revival of international rail travel. Credit: OzScott, Pixabay

A new international night train route linking Malmö and Copenhagen with Basel, Switzerland, could be launched as early as spring 2026.

According to a report by NordiskBil.com, the project is a joint initiative between Swiss rail company SBB and Germany’s Railroad Development Corporation (RDC), aiming to reintroduce direct overnight travel between Scandinavia and Central Europe.

Growing demand for sustainable long-distance rail

SBB spokesperson Sabrina Schellenberg confirmed to Politiken that interest in international night trains is rising, especially on routes currently underserved:

“There are currently no direct connections from Scandinavia to Switzerland and vice versa,” she told Politiken, cited by NordiskBil.

She added that the project still requires both financing and official approval from national authorities in Denmark, Germany, and Switzerland before anything can move forward.

Night trains are experiencing a Europe-wide revival, after being scaled back over the past two decades due to the rise of low-cost air travel. Now, they are increasingly seen as a climate-friendly alternative. According to the European Environment Agency (EEA), train travel emits up to 20 times less CO₂ per passenger kilometre than air travel.

The planned connection would be the first direct night train between Scandinavia and Switzerland in more than ten years. It would benefit both tourists and business travellers, while also feeding into existing night train networks operated by SBB and other Central European providers.

As NordiskBil notes, this project reflects a broader European trend of reinvesting in sleeper trains – both for environmental and nostalgic reasons.

Political interest in the expansion of rail services

Although the Danish Transport Minister Thomas Danielsen has not commented directly on this project, Politiken reports that he has shown interest in expanding international rail services more broadly.

The project still depends on:

  • Regulatory approvals in three countries
  • A viable financial plan
  • Cross-border cooperation between national rail agencies

Despite the hurdles, the political and public appetite for sustainable rail travel appears to be growing in the Nordic region and beyond.

The Copenhagen–Basel route would allow travellers to fall asleep in Scandinavia and wake up in the heart of Switzerland – with no airport queues, no baggage fees, and a much smaller carbon footprint.

Would you choose a sleeper train over a short-haul flight? Leave a comment below.

View all news from Denmark.

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NIE And Inheritances. Who Really Needs It And Why?

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If you’re dealing with an inheritance in Spain, the NIE is more than just a formality. Credit: Shutterstock / Pav-Pro Photography Ltd

If you’re dealing with an inheritance in Spain, the NIE (Foreigner Identification Number) is more than just a formality. It’s a legal requirement. In this article, we explain why the NIE is necessary, who must apply for it, and how to get it without travelling to Spain.

The NIE is an identification number assigned to foreigners who need to carry out legal or financial transactions in Spain. It’s used in property purchases, tax procedures, gifts, etc. And of course, in inheritance matters. Without an NIE, you cannot pay the corresponding taxes, be registered as a new property owner or access the deceased’s bank accounts.

Do all heirs need an NIE?

Yes. Whether you’re inheriting property, money, or any other assets in Spain, you must obtain an NIE to be legally registered as the new owner. This applies even if you’re not a Spanish resident or have never been in the country. It doesn’t matter if you’re an heir or just a legatee that will receive a small amount of money, a specific asset, etc. Without an NIE, the inheritance process cannot be completed.

What about people who aren’t inheriting?

There are several situations in which someone who is not receiving assets must still obtain an NIE. For instance, the parents of underage heirs. As legal guardians of their children, the parents will need to sign the deed on their behalf, and to do so, they will need an NIE. The executors, when intervening in the process, will also need to get an NIE. Another case often overlooked is the case of heirs that will be compensated for their share with assets located abroad. Even if they do not receive assets in Spain, an NIE is still required in order for them to sign the inheritance deed, and manifest that they have already been compensated.

How to apply for an NIE—Do you have to travel to Spain?

Not necessarily. The NIE can be requested in Spain through police stations or immigration offices. It can also be obtained at Spanish consulates abroad. If you’re unable to apply in person, White Baos Lawyers can help you get your NIE. With a POA signed before a Notary Public (not solicitor) in your home country and properly apostilled, we can apply for the NIE on your behalf.

Final thoughts

The NIE is a critical part of any inheritance process in Spain. It’s not just a formality for heirs—it also affects parents, executors, and others involved. At White Baos Lawyers, we regularly assist clients worldwide with obtaining NIEs and managing inheritance procedures. If you need guidance, don’t hesitate to reach out.

You may be interested in the following services and articles:

Inheritance or gift: which is more tax beneficial? What are the advantages and disadvantages of each option? Legal advice

Processing an inheritance and probate when the heir is a minor or disable. Sale of inherited assets. Foreigners in Spain.

Inheritance and Wills in Spain in favour of charities, NGOs, non-profit foundations , social organizations , etc. Legal Advice : The executor.

Carlos Baos (Lawyer)

White & Baos.

Tel: +34 966 426 185

E-mail: info@white-baos.com

White & Baos 2025 – All Rights Reserved.

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