Amid escalating concerns over Italy’s burgeoning debt, discussions surrounding the potential introduction of an “alternative currency” have resurfaced, gaining momentum within the corridors of power after the European Union (EU) issued a stern warning regarding the country’s escalating fiscal liabilities.
Deputy Prime Minister Matteo Salvini’s Lega party, a key player in Italian politics, has prominently broached the idea of a new domestic currency as a means to navigate the complex web of financial obligations. The urgency of these plans has intensified following the European Commission’s endorsement of an initial fine of up to £3 billion on Wednesday. The executive body in Brussels justified these punitive measures, asserting that Italy had triggered the disciplinary action threshold.
A Commission report, scrutinizing the populist Italian government’s performance over the past year, concluded that insufficient progress had been made in curtailing the country’s towering debt. The report emphasized the gravity of Italy’s financial situation, stating, “Italy’s large public debt is a major vulnerability for the Italian economy, and decisively reducing it should remain a priority in the best interest of Italy.”
Italy’s public debt-to-GDP ratio, standing at 132.2 percent in 2018, ranks as the second-largest in the EU and one of the highest globally. Faced with the impending financial repercussions, influential figures in Rome’s Senate and the lower house of Italy’s parliament have resurrected the notion of a “parallel currency” as a potential solution.
Claudio Borghi, a senior economic advisor for the League party and a vocal critic of Italy’s Eurozone membership, has emerged as a prominent advocate for the concept. As Italy grapples with the looming economic challenges and the EU’s stringent stance, the idea of an alternative currency gains traction, injecting a new dimension into the ongoing discourse surrounding Italy’s financial future within the European Union.
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Nations like Italy are breaking away from the Rothschild favorite currencies such as the euro and dollar. And likewise, the Rothschilds have controlled the world’s money supply and financed it’s wars.
The EU Has encouraged Italy and forced Italy to accept worthless immigrants that have already cost far more than 3 Billion a year. More like 100 Billion. Italy needs to send the EU Commission a bill for these expenses and then take aggressive action to collect it like sending the Carabinieri to Brussels to seize Junker and Weber and hold them until its paid.