Brace for Impact: Italy Poised to Launch Euro Parallel Currency
TDC Note – How does this tie into the conversation I had with Tom Luongo, Gold, Goats and Guns, about Salvini and Italy’s gold? – click here to learn more
Italy faces an “Excessive Deficit” ruling, the first in EU history. Italy’s response is a parallel currency proposal.
A euro crisis has been brewing for years.
Eurozone officials and the ECB have long held the upper hand vs individual countries like Greece and Portugal.
However, Italy now has the upper hand, if it chooses to wage war.
Let’s backup and start from the beginning to tie this story together.
Please consider EU Could Slap 3 Billion Euro Fine on Italy for Excessive Debt.
The European Commission could impose a 3 billion euro fine on Italy for breaking EU rules due to its rising debt and structural deficit levels, the country’s Deputy Prime Minister Matteo Salvini said on Tuesday.
Salvini, whose far-right League party triumphed in European elections on Sunday, said he would use “all my energies” to fight what he said were outdated and unfair European fiscal rules.
“Let’s see if we get this letter where they give us a fine for debt accumulated over the past and tell us to pay 3 billion euros,” Salvini said in an interview with RTL radio.
What About France?
While everyone is talking about Italy and its budget deficit, France has not had a balanced budget since the late 70s, pic.twitter.com/UXRKAjWsGS
— Daniel Lacalle (@dlacalle_IA) June 4, 2019
France vs Italy Key Points
- The current debate is over excessive debt, not deficits.
- Italy is in defiance of debt, not deficit rules, but its proposed budget will violate both.
- France violates both sets of numbers already, but not by as much.
- In essence, there is one set of rules for France and Germany and another set of rules for everyone else.
Parallel Currency Proposal