The Eurosceptic, populist coalition that won the right to form a new government in Italy, Five Star Movement and Lega have agreed their government. The legislative program is very independent and nationalistics And the bureaucrats in Brussels hate it.
At the moment Brussels is trying to scare the outsiders now in charge in Italy, just as they scared greece, Portugal and Ireland, to soften their stances on reform and maintain a status quo which is destroying a great country and culture. The problem is, excluding Britain which is on the way out, Italy is the third largest EU member nation by both population and economy. And the leaders of the coalition have made clear the position that what is good for Italy is their main priority and what’s god for Brussels and Germany (which are the same thing realy,) are minor considerations.
The League and Five Star Movement leaked demands for $250 billion in debt relief from the ECB. There was also a demand for developing a mechanism for countries to leave the euro, according to a, now discredited, report from Reuters.
The final proposal doesn’t have any of this inflammatory language, but don’t think the leak wasn’t part of their negotiating strategy or part of where the are ultimately planning to take their country.
The rest of the proposal is hostile enough to Brussels (see below) to cause a major schism with other south European nations and possible the Visegrad group led by Poland’s Eurodissidents supporting the Italians. And with ECB President Mario Draghi now signaling the need to consolidate European sovereign debt under its umbrella, the stage is set for a huge bust up.
Here’s conservative economist Martin Armstrong’s take:
So everyone else understands what this is about, the ECB President Mario Draghi has come out and proposed interlocking the euro countries to create a “stronger” and “new vehicle” as a “crisis instrument” to save Europe. He is arguing that this should prevent countries from drifting apart in the event of severe economic shocks. Draghi has said it provides “an extra layer of stabilization” which is a code phrase for the coming bond crash. [emphasis mine]
In effect Armstrong is telling us that Draghi understands how bad things truly are and that Italian leadership knows they have the upper hand in debt negotiations. They are prepared to push Brussels hard to get what they want. And well they should. League leader Matteo Salvini understands how ruinous the euro as administered by Germany has been for Italy and most of Europe, particularly Greece, Cypris, Portugal and Spain.
So, to him, if the price for Italy to stay in the EU is to force the northern countries to accept debt consolidation and write-down then so be it.
If they won’t agree to that, then Italy’s new leadership is prepared to back to the people and say, “We tried. Screw them. Let’s walk.”
The rest of the coalition proposals are a mishmash of right and left policy prescriptions that will drive the IMF and Brussels mad. But it is a credit to these very different parties that they have managed to agree the compromises they must make work if they are to take back their country from the insanity of the status quo in Europe, which serves no one’s ends except the globalist cartel which stands behind the public faces of the EU – Juncker, Merkel, Tusk, Macron, etc.
One is calling for lower taxes and regulation, the other wants generous pensions and universal income. These are not easy differences to overcome. But they have, to no one’s complete satisfaction. Both leaders and their parties understand the main issues facing their government are immigration and Italy’s relationship with the EU.
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