- A major portion of Italian debt is held by French and German banks. If Italy declares bankruptcy, the entire European financial system will likely collapse. Is this the Illluminist Order Out of Chaos plan? Ie. A Catastrophic European wide collapse to usher in their 10 Horn Beast Revived Roman Empire. We will have to let events unfold to know for certain.
- EU Under ‘an ILLUSION’: Brussels ‘NOT Prepared’ for Financial Fallout of Italy Budget
by LEVI WINCHESTER, https://www.express.co.uk/
THE European Union is not prepared for the event of bankruptcy in Italy and is under an “illusion” the bloc can force Rome to comply by Brussels’ rules, according to the President of the Ifo Institute for Economic Research.
Clemens Fuest described the EU as being ill-equipped to deal with financial chaos in Italy, as he claimed no country can afford a national debt of more than 130 percent of gross domestic product in economic stagnation. He went on to warn a financial market crisis could trigger “the most serious disputes in the Eurozone” in an interview with t-online.de in Munich. Mr Fuest said: “The biggest risk in the short term is a capital market panic that can quickly lead to bankruptcy.”
Italy has been at loggerheads with the EU over the Italian government’s fiscal plans, which include a deficit budget of 2.4 percent of GDP for 2019. EU bosses have threatened to slap the Mediterranean country with sanctions unless it follows the bloc’s fiscal rules in an unprecedented move which could see Rome slapped with a fine of £3billon (€3.4billion).