EU Warned Italy Has ‘No Choice But to LEAVE’ Bloc and Trigger HUGE CRISIS

• EU Warned Italy Has ‘No Choice But to LEAVE’ Bloc and Trigger HUGE CRISIS
  by AURORA BOSOTTI, https://www.express.co.uk/
  ITALY could be preparing to “volcanically” threaten the European Union and trigger a new Eurozone crisis should its Eurosceptic Government opt-out of the bloc, British businessman Jim Mellon claimed.
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  The British businessman also suggested the European Union is exploiting the Brexit negotiations to avoid having to address the “volcanic” threat Italy poses to the bloc. Rome and Brussels have been engaged in a blistering battle of words since Economic and Financial Affairs Commissioner Pierre Moscovivi rejected Italy’s 2019 budget proposals in October.
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  Mr Mellon suggested the European Central Bank (ECB) could soon stop being able to “contain” unnerved markets and lead to Italy leaving the euro.
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  Speaking to CNBC, he said: “There is no way the ECB can contain the Italian situation if it carries on as it is. We know if the BTPs got above 4 percent and yield – and they’re not that far away from it – then Italy has really no option but to leave the euro and take some drastic action.
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  “The omens are quite good for the Italians and, of course, it’s not going to be announced in advance that they will leave the euro but leave the euro I think they will do. And it will be in their interest to do so.”
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  BTP Italia are the inflation-linked bonds the Italian Government has been issuing since 2012 to support retail investors. Leaving the Eurozone could potentially lead to Italy also renouncing membership of the European Union as all member states are required to adopt the euro and join the euro area.
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  Asked whether the upcoming retirement of German Chancellor Angela Merkel – a leading figure on the EU political stage – could influence Italy’s position within the bloc, Mr Mellon responded in the affirmative.
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