By Steve Dellar  |  10-24-2018   News
Photo credit: Twitter @Westmonster.png

When the Italian populist parties presented their first government to President Mattarella back in May of this year, he rejected it as their choice for the economy minister was a man known for his anti-euro stance.

German commissioner at the EU Mr. Gunther Oettinger famously stated in response that ‘markets will teach Italy to vote for the right thing next time,’ which simply stoked up more nationalist sentiment in the ‘eternal city.’

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Italy has just three weeks to respond to the Brussels gangsters, this is national democracy versus globalist bureaucracy. <a href="https://t.co/gHbu66x92j">https://t.co/gHbu66x92j</a></p>&mdash; Nigel Farage (@Nigel_Farage) <a href="https://twitter.com/Nigel_Farage/status/1054766333970276352?ref_src=twsrc%5Etfw">October 23, 2018</a></blockquote>

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Five months on and the EU and Italy are at loggerheads again, this time over the latter’s proposed 2019 budget. As the populist parties that form the government, Mr. Matteo Salvini’s Lega Nord and Mr. Luigi Di Maio’s Five Star Movement, have both made promises to their voters and wish to keep those, the budget runs a deficit of 2.4%, which is more the Commission in Brussels estimates the Italian economy can bear.

Although the EU’s rules declare that any member can draft a budget with a maximum 3% deficit for a year, this only applies for those countries that run with a debt ratio of some 60% of their GDP.

Italy has the second highest debt ratio of the entire bloc at 131% (only Greece is in a bigger mess) and rating agencies are starting to downgrade the Italian economy over the news.

Related coverage: <a href="https://thegoldwater.com/news/40048-Salvini-Blasts-France-Says-Italy-Will-Not-Become-The-Refugee-Camp-Of-Europe-Video"> Salvini Blasts France, Says Italy Will Not Become “The Refugee Camp Of Europe” (Video)</a>.

As Mr. Salvini wants lower taxes for companies to get the economy going again and Mr. Di Maio wants higher benefits for poor southern regions, the budget was sure to be bigger than forecasted if the parties want to stay in power. Knowing that the EU can’t risk Italy following the UK’s lead and getting out of the EU, the populist parties went ahead with it anyway, risking a severe fine from Brussels (which would further increase the deficit).

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Italy&#39;s crisis is now a bigger threat to the EU than Brexit. Everyone needs to start paying attention <a href="https://t.co/jPJNh9Bew5">https://t.co/jPJNh9Bew5</a></p>&mdash; The Independent (@Independent) <a href="https://twitter.com/Independent/status/1054746201680154624?ref_src=twsrc%5Etfw">October 23, 2018</a></blockquote>

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Mr. Luigi Di Maio stated in response: “This is the first Italian budget that the EU doesn’t like. I’m not surprised. It’s the first Italian budget that was written in Rome and not Brussels!”

“Considering the damage they did to us first, we certainly couldn’t continue with their policies. We’ll continue to tell the European Commission what we want to do, with respect. But they also have to show respect toward the Italian people and the government that now represents them. We’ll continue to work for the good of citizens with our heads held high.”

Mr. Salvini of the Lega Nord also commented: “We’re going ahead with a smile, Italians ask that of us. We’re convinced we’re in the right. #TeamItaly.”

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">When the EU rejects a sovereign nation&#39;s budget that sets out to redress economic inequality, it does not do Britain&#39;s Remain camp any favours. <a href="https://t.co/36XFFLgRLX">https://t.co/36XFFLgRLX</a> <a href="https://twitter.com/hashtag/italybudget?src=hash&amp;ref_src=twsrc%5Etfw">#italybudget</a></p>&mdash; Harry Leslie Smith (@Harryslaststand) <a href="https://twitter.com/Harryslaststand/status/1054841709996244993?ref_src=twsrc%5Etfw">October 23, 2018</a></blockquote>

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Given that domestic companies are still recovering from the 2008 financial crisis, Italy's economy is still smaller than it was back then. The governing League and Five Star parties argue that an increase in spending would kick-start growth and point to the success of US President Donald Trump’s economy.

Source: https://www.theatlantic.com/international/archive/2018/10/eu-rejected-italy-budget-populists/573742/

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3 Comment/s


Anonymous No. 40248 1540383809

Nations and Nationalists need to seriously start asking why they need to go to some un-elected "authority" like the EU to get approval to budget their own nations economic investment and interest.

Anonymous No. 40262 1540391550

THE EU THINKS ITS YOUR DADDY AND CONTROLS EVERYONES LIVES. THEY THINK THEY CAN GROUND YOU AND TAKE AWAY YOUR ALLOWANCE. BEST THING TO TEACH DADDY IS MOVE OUT AND SAY BYE BYE JACK OFF. DONE WITH YOU AND YOUR RULES, AND LIVE LIFE SOVEREIGNLY AND REGULATE YOURSELVES. THEY CAN ALL FUCK OFF!!!!!

Anonymous No. 40265 1540392185

THEY AINT NOTHING BUT THE SATANIC ONE WORLD GOVERNMENT THAT THE BIBLE TELLS US ABOUT ANYWAY. JUST LOOK AT THE HIDEOUS ART WORK IN THE CITY OF BRUSSELS. ITS LIKE AN ADVERSISEMENT FOR SATAN WORSHIP!!!! REALLY… UPSIDE DOWN BLOODY BODY HANGING, DECAPITATED PAINTING ON THE SIDE OF A BUILDING. DISGUSTING SATANIC RITUALS!!!

CHILD TRAFFICING, ORGAN HARVESTING, ADRENACHROME, PEDOPHILES, WITCHES CASTING SPELLS, WAKE UP PEOPLE OF THE WORLD, SATANIC EVIL WANTS RUN YOUR GOVERNMENTS AND RAISE YOUR CHILDREN. TELL EM TO GO BACK TO HELL AND STAY THERE!!!

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