I'm so curious as to what will happen when Greece faces bankruptcy (soon). I believe it will be the beginning of the end of the Euro and possibly even the Europen Union - time will tell.
There's probably gonna be a referendum on whether to leave the Euro or not in the next few years. Vox populi vox Dei. The situation in Italy is actually currently very interesting because of the new M5S party which in my opinion is quite revolutionary on so many levels. (For example they return half of the money they earn (13.111.265,99€ so far) - no other party worldwide does this AFAIK)
one thing unique about Italy in the eurozone is that most of its debt is owned internally - this changes the equation for them fiscally. Italy doesn't need the Euro as much as most members do and as you've noted they've got strong representation in the government against it. They won't be the catalyst to destroy the Euro but if Greece is ixnayed it undercuts the entire premise of the Euro, making their departure very reasonable.
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cuivie ago
I'm so curious as to what will happen when Greece faces bankruptcy (soon). I believe it will be the beginning of the end of the Euro and possibly even the Europen Union - time will tell.
Empire_of_the_mind ago
Yes. Expect Italy to bail on the euro next.
cuivie ago
There's probably gonna be a referendum on whether to leave the Euro or not in the next few years. Vox populi vox Dei. The situation in Italy is actually currently very interesting because of the new M5S party which in my opinion is quite revolutionary on so many levels. (For example they return half of the money they earn (13.111.265,99€ so far) - no other party worldwide does this AFAIK)
Empire_of_the_mind ago
one thing unique about Italy in the eurozone is that most of its debt is owned internally - this changes the equation for them fiscally. Italy doesn't need the Euro as much as most members do and as you've noted they've got strong representation in the government against it. They won't be the catalyst to destroy the Euro but if Greece is ixnayed it undercuts the entire premise of the Euro, making their departure very reasonable.