China has picked off Italy and nobody noticed. In what could be considered an appalling move the Italian Prime Minister signed a historic memorandum of understanding with Chinese President Xi Jinping Saturday morning in Rome. The agreement made Italy the first founding EU member, and the first G-7 nation, to officially sign on to Beijing's "One Belt, One Road" (OBOR) economic development initiative.
For Italy, this appears an "any port in a storm" situation. Italy struggling with a high level of debt and a stagnate economy has found the EU less than supportive and lacking answers as to how they might kick-start growth
The ramifications flowing from Italy's deal with China may, in the end, prove to be a deal with the devil that opens the floodgates that washes away much of the EU and breaks the euro. The article below delves into the current deal.