Italy: leaked documents shock Brussels

Surkov

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Italy coalition shocks Europe with draft plans

Among the points resumed in 39 pages and published by the Huffington Post, are provisions that would shake the entire European project.

According to the document, a League/5 star government would like to create an opt-out mechanism to leave the eurozone if sanctioned by a referendum...

The draft contract also calls for a rewriting of EU treaties and changes to fiscal policies such as the Stability and Growth Pact which restricts countries' borrowing and spending...

A reconsideration of the Italian contribution to the next EU budget and a request to the European Central Bank to freeze €250bn of Italian debt were also on the table.

For context, Italy has the second-highest debt load in the eurozone, after Greece...

"[T]he conflict between Italy and the EU institutions is extremely relevant because it is the third economy of the eurozone and a founding member of the EU" [says Mario Telo, a professor at the European Institute for European studies]...

Dimitris Avramopoulos, EU Migration Commissioner, yesterday stressed the importance of Italy managing the migrant crisis in Europe and said that he is sure the country will stick to its engagements.​

More bad news for Europe. If the flow of migrants into the EU from the Middle-east and Africa doesn't abate in the years ahead, then how bleak is the future of the EU project?
 


Breanainn

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Presuming Italy would vote to bring back what was the most worthless currency in Europe is far from likely.
 

storybud1

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This was always coming since the Euro crash,, kicking cans down the road seems to be monetary policy, if the EU can keep the crazy migration levels to a minimum there is hope but paradise has been truly lost since Merkel (actual invited them ) & Obama (via Libya) opened the doorway to Europe for millions of third world social welfare cases without us, the people of Europe's consent.
 

gerhard dengler

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Presuming Italy would vote to bring back what was the most worthless currency in Europe is far from likely.
If you go to Italy, you can't help but notice that the goods on sale in shops and outlets are denominated in both Lira and Euro.
 

constitutionus

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they weren't meant to have this government either !

after brexit and trump only a fool would rule out any outlier result now.
 

flavirostris

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This is fantastic news. For a while there it looked as if M5S would cobble together a coalition with PD, the establishment pro-EU party. This would have been terrible.

It's brilliant that Lega are going to be involved in the government as I think they are a more true eurosceptic, nationalist party than M5S who are really lefties, despite the eurosceptic policies.

Hopefully Lega will push M5S in the right direction on the EU & on migration.
 

Spanner Island

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I'm not convinced if push came to shove that any of these Eurosceptic populists would be indulged by their electorates...

Greece endured and continues to endure huge pain in order to stay in the EU and the €uro... when it came to the crunch Greeks didn't fancy the drachma and going it alone led by their own corrupt politicians who were largely responsible for Greece's downfall...

Similarly I can't see any of the former Eastern Bloc EU members voting to sod off which would leave them without any EU funding and looking to the east at a dodgy Russia run by a dodgy Pootin...

What the EU does is provide a comfort zone within which various populist movements can flourish to an extent in order for people to vent... but when it comes to the crunch... they don't go anywhere... and I'm not convinced Italy will be any different... or Hungary or Poland etc. etc.

If any countries are likely to leave it's rich countries like the UK who have become complacent...
 

Kevin Parlon

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I hope you've all been paying attention to the noises emanating from Brussels. They're telling Italy's new government that whatever they do, they better not do any of the stuff they got elected to do. Half a billion people being led by washed-up non-entities whose policies have given us enormous youth unemployment, economic stagnation, non-sustainable birth rates, porous borders and the calamitous -some would claim existential - social and economic fall out that these factors are bringing barrelling down the road to meet us.
 

farnaby

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Presuming Italy would vote to bring back what was the most worthless currency in Europe is far from likely.
We may see a push for a northern Euro/southern Euro split i.e. two currencies reflecting the different economic strengths north and south. Italy, Greece, Spain (and possibly even ourselves) in a weaker euro zone. Question is where France fits in - it is uncomfortably on the fence between needing a weaker currency vs Germany but unwilling to lose face by admitting such weakness.
 

GDPR

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Right so, Italy is the new hero for the anti-EU mob.

Given up on dear old Blighty?
 

automaticforthepeople

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benroe

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A currency crisis would be disastrous for us given that we have a similar level of historic debt as Greece had before the last crash, the best we can hope to do is gat out just before the whole edifice collapses.
 

automaticforthepeople

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Go in to a department store such as UPIM, you'll see what's on sale displayed in Lira and Euro.
I've seen this displayed in Rome and Sienna.
But most Italian consumers don't have the attachment to department stores that we Irish seem to have. As a proportion of Italian trade and retail, it's not as if Dunnes or Tesco were pricing in punts and euro,
The Lira hasn't existed as an autonomous currency in 20 years. The exchange rate at which it was pegged at in 1999 for the establishment of the Euro are now meaningless. You may as well price items in ducats too while you're at it.
 


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