The arrogant EU elite is playing with fire
The arrogant EU elite is playing with fire: STEPHEN GLOVER says Italy’s pain could be Britain’s gain as Brussels struggles to contain an even bigger problem than Brexit
Many were convinced a few years ago that the huge debt problems of Greece would force it to crash out of the euro. In the event, the country has so far remained part of the single currency, though at a terrible cost to its economy.
But dramatic developments in Italy over the past 48 hours entitle one to say that the trouble brewing in that country is likely to dwarf anything that has happened in Greece.
This is a full-blown crisis in the Eurozone’s third largest economy, nearly ten times the size of Greece’s.
What is taking place is a stand-off between the increasingly unpopular Italian Europhile class represented by President Sergio Mattarella on the one hand and, on the other, two populist parties, both critical of the EU, which together won half the vote in March’s general election.
Mattarella has vetoed the appointment of Paolo Savona, a distinguished veteran Eurosceptic put forward by the anti-Establishment Left-leaning Five Star Movement and the hard-Right League as their finance minister in a prospective populist coalition.
As a result, both parties have given up their attempt to form a government, and are calling for President Mattarella’s impeachment. Meanwhile Mattarella has asked Carlo Cottarelli, a pro-EU stooge who has worked for the International Monetary Fund, to lead an interim administration