THE MAN who wrote Article 50 has admitted it was NEVER supposed to be used as Britain gets set to divorce the European Union.
Giuliano Amato, a former Italian Prime Minister, claimed Britain must “lose” when it comes to finances – so they are forced to stay in the single market.
Mr Amato told a conference in Rome, he had inserted the get-out clause specifically to prevent the British from complaining that there was no clear cut, official way for them to bail out of the Union.
He said: “I wrote Article 50, so I know it well.” Continue reading
Italy is on the brink of financial and political meltdown and leader Matteo Renzi may be abut to push t over the edge by calling a referendum on constitutional reform in October, potentially plunging the already beleaguered European Union into fresh chaos.
Juan Toro of the International Monetary Fund (Fmi), said: “It is necessary to take significant measures in the recovery of credit.” Continue reading
GERMANY’S president has urged EU member states NOT to hold any referendums amid fears Brexit could spark the break-up of the bloc.
Last month’s historic vote to cut ties with Brussels led to speculation other countries including Holland, Italy and France would follow suit.
But Joachim Gauck believes politicians across the continent should refuse to hold referendums on any issue, not just EU membership.
As said in the previous post about Italy, it’s convenient to blame others for your problem to keep the attention away.
BRITAIN’S vote to leave the European Union (EU) is to blame for the disastrous state of Italy’s banks – and not Rome’s heavily criticised policymakers – according to the finance minister.
Pier Carlo Padoan has sought to deflect attention from himself against allegations the Italian government could have prevented the country’s current banking crisis by laying fault with the Brexit vote, despite the financial crisis hugely pre-dating the referendum.
The minister said instability of several of the banks aren’t the cause of the turmoil now rocking the Italian financial system, reported German newspaper Spiegel. Continue reading
Great Britain was always a convenient scapegoat for the EU woes to take attention off domestic problems for member states, such as Italy. Matter of fact, Great Britain was the most sound of the lot and had dodged a bullet. Moreover, Italy has been in a near-collapse state for years
Italy is on the cusp of tearing Europe apart but the economic and political crisis brewing in the nation is largely going unnoticed.
All eyes have turned to Britain’s vote to leave the European Union as having the most drastic political and economic impact onto the 28-nation state but if you look at the country’s economic data, bank issues, and the impending constitutional referendum coming up, Italy is like a bomb waiting to explode.
The Italian financial system, which to put it gently, is in a major state of flux right now. While Britain’s EU referendum in June was seismic in terms of having economic and political repercussions across the bloc, there is another referendum of equal importance, coming up in Italy in October, and the result could fundamentally alter the state of the already delicate Italian economy.
Piling on to Italy’s growing mountain of worries, this evening the IMF itself warned that Europe’s third largest economy would grow by less than 1% this year and only marginally faster in 2017, slashing its previous forecasts of 1.1% and 1.25% growth for the next two years, mostly as a result of the most convenient scapegoat available in Europe at the moment: Brexit (which has become to Europe as “cold weather” has been to the US for the past two years).
Christine Lagarde’s organization said Italy was “recovering gradually from a deep and protracted recession”, but said the healing process was likely to be “prolonged and subject to risks”. It used its article IV consultation – an annual economic and financial health check – to stress that Italy was vulnerable to a cocktail of threats that could have knock-on effects for the rest of Europe and the world. Continue reading
Let us not forget about the monstrous derivative exposure of Deutsche Bank: $72.8 trillion. They’re looking like the next Lehman Brothers.
Video available for viewing at website.
Europe urgently needs a 150 billion-euro ($166 billion) bailout fund to recapitalize its beleaguered banks, particularly those in Italy, Deutsche Bank AG’s chief economist said in an interview with Welt am Sonntag.
“Europe is extremely sick and must start dealing with its problems extremely quickly, or else there may be an accident,” Deutsche Bank’s David Folkerts-Landau said, according to the newspaper. “I’m no doomsday prophet, I am a realist.” Continue reading
In the wake of Brexit, leaders from the across the Continent are calling for the EU to overhaul its military.
Officials across Europe are pushing for the Continent to develop an army and send it oversees. Though Europe is greatly divided, this is one of few areas on which all sides agree.
Defense reform is “a matter of urgency” European Union officials believe. The EU needs its own armed forces, navy and intelligence service. Poland believes Europe should have “a European army” and “a strong European president with far-reaching authority.”
“The EU wants its own empire as former Commission President José Manuel Barroso made clear when he was in charge,” said UK Independence Party spokesman Mike Hookem. While this comment may seem farfetched, it’s clear the EU wants to rapidly step up its military involvement in North Africa and the Middle East.
The amount of negative issues the markets are ignoring is staggering.
1. Italy’s banking system is on the verge of collapse. Nearly 20% of loans are non-performing (meaning garbage). This is not Greece. We’re talking about a €2 trillion banking system.
2. The US is in recession. Consensus is that all is well, but industrial production, labor market conditions, the corporate bond market, C&I Delinquencies, the Conference Board Leading Indicator, Inventory Accumulation and ISM are screaming “RECESSION.” Continue reading
If you don’t believe today’s infiltrated and corrupted America would wage economic warfare on its “ally”, Great Britain, think again. It already happened. You just missed the boat:
In the US Donald Trump has won the Republican presidential nomination. However, Republican convention delegates are plotting to deny Trump the nomination that the people have voted him. The Republican political establishment is showing an unwillingness to accept democratic outcomes.
The people chose, but their choice is unacceptable to the establishment which intends to substitute its choice for the people’s choice. Continue reading
Despite – or perhaps due to – Italy’s failed attempt to slide a state-funded €40 billion recapitalization attempt past Angela Merkel while blaming it on Brexit, and coupled with a bailout proposal to provide €150 billion in liquidity to insolvent banks, overnight we got yet another confirmation that the biggest risk factor for Europe is not Brexit but Italy, where yet another failed bank was bailed out. As the FT reports overnight, Atlante, Italy’s privately backed €5bn bank bailout fund which was created in April to stem the threat of contagion from struggling lenders and whose assets turned out to be woefully inadequate, took control of Veneto Banca after a €1bn capital increase demanded by EU bank regulators attracted zero interest.
This is good news for Veneto Banco and bad news for all other insolvent banks, because the fund, known as Atlas in English, was intended to hold up the sky for Italian banks. Instead it is now practically out of funds, having depleted more than half of its war chest after taking control of Popolare di Vicenza, another regional bank, last month.
CONFIDENCE in Italy’s banks and the wider economy is falling apart, as investors continue to digest Britain’s vote to leave the European Union (EU).
Pointing to real fears over the future of the bloc, Europe’s top stock markets have failed to recover from the shock of the Brexit vote.
In stark contrast, Britain’s premier index the FTSE 100 has left its continental counterparts in the dust. Continue reading
Bible prophecy in the making:
[(Alternative source: European SUPERSTATE to be unveiled: EU nations ‘to be morphed into one’ post-Brexit (Express)]
- France and Germany reported to have drawn up ‘superstate plan’
- It would mean members give up armies and economic power to the EU
- Report ‘leaked’ in Poland where it has been branded ‘not the solution’
- Leaders of Germany, France and Italy said EU was ‘indispensable‘ tonight
Plans for ‘a closer European Union’ have been branded an attempt to create a ‘European superstate’.
Germany’s foreign minister Frank-Walter Steinmeier and his French counterpart Jean-Marc Ayrault today presented a proposal for closer EU integration based on three key areas – internal and external security, the migrant crisis, and economic cooperation. Continue reading
As Germany dominates everything Europe, Frankfurt looks like the likely winner in becoming the world financial hub.
BRUSSELS: The EU is preparing to move its European Banking Authority from London following Britain’s vote to leave the Union, EU officials said on Sunday, setting up a race led by Paris and Frankfurt to host the regulator.
Coming a day after Britain’s Jonathan Hill resigned and was replaced as EU financial services chief by the Commission’s “Mr. Euro” Valdis Dombrovskis, the move underlines how the City of London can expect to be frozen out of EU financial regulation – and possibly from Europe’s capital markets – depending on the terms of Brexit.
While those who argued for Britain to leave the EU said the financial industry would thrive without EU shackles, some of its biggest employers including JPMorgan are scouring Europe to find new locations for their traders, bankers and financial licenses. Continue reading