Is the EU planning to pick a fight with the olive oil business
Image: Paramount Pictures
Ignoring warnings from the European Commission, the ECB and the European Commission (as well as practically every other supranational organization in Europe), the populist-led Italian government managed to submit their draft budget to the Commission before a midnight deadline – an outcome that was cheered by BTP traders, who bought back into Italian bonds, once again compressing the spread to bunds, which has blown out in recent months.
But rather than representing a deescalation of tensions between Italy and Brussels, the game of fiscal chicken in which both sides are presently engaged is instead entering its most acute phase, as Brussels now has two weeks to review the budget proposal before it can either accept the plan, or send it back with requests for revisions. And anybody who has been paying even passing attention to the populist government’s denigration of EU budgetary guidelines over the past few months should already understand that Brussels won’t just sit back and accept the budget for what it is.
In fact, European Commissioner Jean-Claude Juncker hinted as much Tuesday morning when he told Italian reporters that accepting the budget would be tantamount to inviting an widespread revolt against the EU, per Italian newswire ANSA and the FT. Juncker also blasted Italy for abandoning the fiscal commitments it made when it joined the EU. However, though they have wavered from time to time, the Italians haven’t kept their intentions to press for a budget deficit equivalent to 2.4% of GDP a secret. Even Giovanni Tria, Italy’s economy minister, defended the draft budget, saying the deficit “would be considered normal in all Western democracies, not explosive.”
Undeterred by the fact that there’s absolutely no political will in the Italian government to back down from their budget stance, despite threats from the ECB to provoke a Greece-style banking crisis if the Italians don’t yield to EU rules.
‘Islam Doesn’t Belong to Germany’ – New Interior Minister
While mainstream media was hailing the political mastery of Hausfrau – Volksfuhrer Merkel in negotiationg a new coalition deal to keep her in power for another four years, after Germany had been without a government for almost six months, The Daily Stirrer (and other alt_news sites to be fair) warned that the new government of Europe’s most powwerful economy was fragile and full of holes. Only days after Merkel was sworn in for a fourth term, the holes in her coalition started to appear … Continue Reading”>Majority of Germans Favour Snap Election as Merkel Coalition Talks Stumble
There appears to be no end in sight to Germany’s crisis of democracy as the European Union’s most populous and economically powerful state continues to stumble along without an effective government. Coalition talks between Chancellor Merkel’s CDU/CSU and the left wing Greens and classical liberal Free Domocrats have stalled over irreconcilable policy demands.
Germany Sees Fourfold Rise in Terrorism-Related Cases
According to a report in the Welt am Sonntag, Germany has experienced a huge rise in the number of terror-related cases in just one year, with prosecutors having dealt with more than 900 cases so far in 2017, compared with 250 cases initiated throughout 2016. Around 700 Islamic extremists now living in Germany have been identified by the Federal Criminal Police Office (BKA) as posing a potential terror threat.
A Week Before Election 30% Of German Voters Still Undecided
Polling companies in Germany are indicating that support for Chancellor Angela Merkel’s conservative Christian Democratic Party is still slipping with the election only one week away. More disturbingly perhaps for Hausfrau – Volkfuhere Merkel is the news that over a third of Germans are still unsure how they will vote. An opinion poll published today (15 September) on Friday showing the number of undecideds was not coming down fueled uncertainty about the kind of coalition that will emerge from an election on September 24.
New German Coalition in Peril as Potential Partners Clash over 200,000 Annual Migrant Limit
Reports that German Chancellor Angela Merkel has agreed a proposal from coalition partner and leader of the Christian Social Union (CSU) Horst Seehofer to limit the number of asylum seekers in Germany to 200,000 per year to secure a ruling coalition may be somewhat premature. Other coalition partners are not as positive on the policy.
Merkel Calls for Beginning of Coalition Talks With Greens, Free Democratic Party
German Chancellor Angela Merkel officially announced on Saturday for the first time that her conservative bloc of the Christian Democratic Union (CDU) and its Bavarian sister party Christian Social Union (CSU) will seek to form a coalition government with the centre right Free Democratic Party (FDP) and left wing loony Greens.
German Elections: Anti – EU party AfD 3rd In Polls
Elections take place in Germany this Sunday, September 24, for the federal assembly (Bundestag) and the presidency (Chancellor). While Angela Merkel looks set to win a fourth term as Chancellor and the most likely outcome of the election is another “Grand Coalition” between Christian Democrats and Social Democrats that coalition will be a much-weakened if late polls are to be believed.
More news from September 2017
The EU can go and F*** itself!’ Italian Politician’s Outburst Rallies Support In Italy
The leader of the Lega party, formerly known as Lega Nord, Matteo Salvini claimed the European Union should stop interfering with Italian politics as the measures taken by the bloc have crippled the Italian economy for the past 15 years. Mr Salvini is the frontrunner in the upcoming Italian general election as Italy’s next Prime …
European sovereign debt crisis could cause Eurozone implosion – ex-BoE chief
Are government economists and mainstream media finally catching up with what The Daily Stirrer and Boggart Blog’s finance expert Phil T Looker has said since we started publishing? Former Bank of England chief Mervyn King has written an article warning that Eurozone deabt problems pose a bigger threat to the EU than a British OUT vote in the referendum
Cameron’s EU Package: Not A Deal But A Few Turns In The Spin Machine
As we and almost everybody else predicted, David Cameron’s deal to improve Britain’s relationship with the EU is worthless. It changes nmothing, and can be vetoed once we have voted to stay in.
Cameron’s Hopes For EU Membership Reforms For UK Torpedoed By Tusk
David Cameron’s hopes of winning serious concessions on sovereignty, border controls, contributions, trade agreements, human rights and labour laws so he could claim to have won a better deal for Britain by the time the in / out referendum starts next year European Union suffered an early blow when European Council President Donald Tusk warned that reaching a deal would be “very tough” …
Italian Town ‘Taken Over’ By Nigerian Migrant Gangs
The former seaside resort town of Castel Volturno, to the north of Naples, has reportedly been taken over by Nigerian gangs who run drug and prostitution rings. The town has a total population of around 30,000 people, of which an estimated 20,000 are migrants, many of them in Italy illegallly, French news magazine L’Obs reports.