Political fragmentation is intensifying in Italy. The coronavirus pandemic is providing new ammunition and is challenging its membership. Italy has the highest death toll from the COVID-19 pandemic in Europe and has pressed hard to lobby its partners, alongside Spain and France, to issue so-called “corona bonds”, a system which would see nations share debts across EU countries.
As they see it as possibly putting their taxpayers on the hook for the debt of other member states, Germany and both the Netherlands in particular, are opposed to the idea. Many Italians have been left feeling angry over what’s happened, not only with the lack of help during this pandemic but now with the lack of monetary support with the overwhelming debt burden.
The fallout forecast for the nation is mind-boggling. The International Monetary Fund expects Italy’s market to shrink by 9.1 per cent in 2020 — the worst peacetime decline in almost a century. Italy also felt left at the start of the catastrophe, together with European countries reluctant to share much-needed medical equipment, for which the EU Commission president offered a “heartfelt apology” last week.
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A Tecne survey from April 9 and 10 discovered Italians’ share that could vote to leave the EU in a referendum was up by 20 percentage points to 49 per cent, in comparison with a previous poll from the end of 2018 as many wonder whether an Italexit could indeed happen after the crisis economist Shaun Richards has cautioned that the eurozone will most collapse.
The Express reported: “The eurozone has lived so far, but in the past decade, it has got poorer.” EU chiefs must be extremely concerned about the way Italy is going at this time.” They need to be continually asking themselves will it leave or will it stay?’ “Because if it goes, it might break the monetary union.” Italian MEP Antonio Maria Rinaldi echoed Mr Richards’ remarks in another interview with the Express.” No wonder. It would happen immediately.” People should remember that Italy is second only to Germany when it comes to manufacturing.” And the EU should begin listening to us responding satisfactorily to this crisis.” Right now, there is not any leadership in Brussels.”
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