Italy Government Approved: Crisis Over? Hardly! Get Popcorn, Gold

The FT says the political crisis is all but over. I suggest otherwise.

The FT's subtitle is quite amusing. "Accord all but ends political crisis that has gripped country and spooked investors."

What the hell is the FT smoking?

Juncker Foot In Mouth Disease

The European Parliament’s Italian president demanded on Thursday that Commission chief Jean-Claude Juncker deny or retract remarks that Italians should do “more work.”

“Italians have to take care of the poor regions of Italy. That means more work; less corruption; seriousness,” Juncker was quoted as saying by The Guardian newspaper, among others, at a question-and-answer session in Brussels.

European Parliament President Antonio Tajani shot back on Twitter that Juncker distance himself from the comments.

“I ask European Commission President Jean-Claude Juncker to immediately deny the comments attributed to him, because if they are true they would be unacceptable,” tweeted Tajani.

Juncker’s tweet did prompt a storm of Twitter responses, some of which blamed the offending remarks on alcohol or ignorance of Italian affairs.

Commission spokesperson Mina Andreeva later tweeted that “The words attributed to President Juncker on Italy were taken out of context.”

Finalized Deal

  • Giuseppe Conte is back in the role as Prime Minister. He previously gave up a mandate to form a government last weekend when president Sergio Mattarella refused to seat Eurosceptic 81-year-old Paolo Savona as economy minister.
  • Five Star leader Luigi Di Maio will have a combined role of Deputy Prime minister and Work and Development Secretary.
  • Lega leader Matteo Salvini will have a combined role of Deputy Prime minister and interior minister in charge of immigration.
  • Paolo Savona will become European affairs minister.
  • Giovanni Tria, a professor of political economy at Tor Vergata University in Rome, will be the new finance minister
  • Enzo Moavero Milanesi, an aide to former prime minister Mario Monti, will be the new foreign minister.

Get Popcorn and Gold

Enjoy the forthcoming amusement. Budget battles with the EU rate to be spectacular.

Be sure to have enough popcorn on hand. I also recommend some gold when Europe eventually blows sky high over Italy.

Mike "Mish" Shedlock

Comments
No. 1-15
JimmyInMinny
JimmyInMinny

One day soon enough the people of one (or more) of these nations who dont want to be ruled by unelected bureaucrats in Brussels will simply go on a massive national strike until their nation's puppet government (and economy as well) collapse. This is what its going to take. Until this revolution happens, the EU will simply ignore the will of these peoples and inflict deflation on them as punishment. Ask Greece.

caradoc-again
caradoc-again

I'm expecting the EU to curtail democracy in some way. If they can't stop populists getting in, put barriers up.to.who can run or what can be voted for etc. They'll do anything they can to protect the plan.

caradoc-again
caradoc-again

Rajoy has gone from Spain. Socialist Sanchez, at least for now as PM.

chris_m
chris_m
(deleted message)

it seems a pity that it took British voters to show everybody else the way forward towards Euroscepticism. (not that Brexit is a done deal, however.....i feel that that particular story has still further to run) you always get the funny feeling that some other country will get to leave the EU (or its close relation, the Euro) before the UK.)

chris_m
chris_m

whatever is going on behind the scenes regarding Italian establishment and the rest of the EU, i feel that the overall political environment within the EU has changed towards Euroscepticism. so who does or doesnt get appointed as Finance Minister is a bit of a moot point. everybody is eurosceptic to one degree or another now. i

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