ITALEXIT? Italy to CRASH OUT of Euro & rock EU to foundation
Feb 4, 2019 16:40:32 GMT -5
Post by schwartzie on Feb 4, 2019 16:40:32 GMT -5
ITALEXIT? Italy to CRASH OUT of Euro and 'rock EU to its foundations' claims economist
ITALY has fallen back into recession with its economy shrinking by 0.2% in the last quarter, causing economists such as Roger Bootle to suggest that it may default or exit from the euro.
By BRIAN MCGLEENON
PUBLISHED: 06:15, Mon, Feb 4, 2019 | UPDATED: 16:33, Mon, Feb 4, 2019
Mr Bootle also made a worrying prediction for the EU economy as a whole. He said: “As and when Italy finally blows up this will cause both a banking crisis that will shake the European economy and a political crisis that will rock the EU to its foundations.” It is now the third time Italy has fallen into recession in a decade. There has been a weakening of growth rates across the eurozone, which led to the EU increasing its GDP by only 0.2% in the final three months of 2018.
Eurozone CRISIS: Euro 'staring over the precipice of a recession'
In 1987 Italy’s GDP even briefly overtook the UK’s but it subsequently dropped down the international league tables so that by the time the euro was formed in 1999 it was already a weak performer.
But the euro has made matters worse, according to Mr Bootle.
Since its formation, Italy has grown by only 9 percent.
Mr Bootle contrasts this with the UK’s performance when he states: “By contrast, the UK, self-excluded from the benefits of the single currency, has grown by 44 percent.”
He added: “Italian 10-year bond yields are about 2.6 percent above their German equivalents, compared to 1.2 percent before the current government was formed.
“Unless Italy manages to conjure up a sustained growth spurt, then the eventual result will be a default, an exit from the euro, or both.”
Mr Bootle gave some historical context to the present economic downcast.
He details that, “throughout Italy’s 20 years in the euro, the political system has been in a mess.
ITALEXIT? Italy to CRASH OUT of Euro and 'rock EU to its foundations' claims economist
ITALY has fallen back into recession with its economy shrinking by 0.2% in the last quarter, causing economists such as Roger Bootle to suggest that it may default or exit from the euro.
By BRIAN MCGLEENON
PUBLISHED: 06:15, Mon, Feb 4, 2019 | UPDATED: 16:33, Mon, Feb 4, 2019
471
Italy recession: Eurozone moving ‘too fast’ says economist
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Mr Bootle also made a worrying prediction for the EU economy as a whole. He said: “As and when Italy finally blows up this will cause both a banking crisis that will shake the European economy and a political crisis that will rock the EU to its foundations.” It is now the third time Italy has fallen into recession in a decade. There has been a weakening of growth rates across the eurozone, which led to the EU increasing its GDP by only 0.2% in the final three months of 2018.
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In 1987 Italy’s GDP even briefly overtook the UK’s but it subsequently dropped down the international league tables so that by the time the euro was formed in 1999 it was already a weak performer.
But the euro has made matters worse, according to Mr Bootle.
Since its formation, Italy has grown by only 9 percent.
Mr Bootle contrasts this with the UK’s performance when he states: “By contrast, the UK, self-excluded from the benefits of the single currency, has grown by 44 percent.”
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Giuseppe Conte
Giuseppe Conte Italian Prime Minister (Image: GETTY•EPA)
Matteo Salvini
Matteo Salvini (Image: GETTY)
He added: “Italian 10-year bond yields are about 2.6 percent above their German equivalents, compared to 1.2 percent before the current government was formed.
“Unless Italy manages to conjure up a sustained growth spurt, then the eventual result will be a default, an exit from the euro, or both.”
Mr Bootle gave some historical context to the present economic downcast.
He details that, “throughout Italy’s 20 years in the euro, the political system has been in a mess.
Videos & pictures at link
ITALY has fallen back into recession with its economy shrinking by 0.2% in the last quarter, causing economists such as Roger Bootle to suggest that it may default or exit from the euro.
By BRIAN MCGLEENON
PUBLISHED: 06:15, Mon, Feb 4, 2019 | UPDATED: 16:33, Mon, Feb 4, 2019
Mr Bootle also made a worrying prediction for the EU economy as a whole. He said: “As and when Italy finally blows up this will cause both a banking crisis that will shake the European economy and a political crisis that will rock the EU to its foundations.” It is now the third time Italy has fallen into recession in a decade. There has been a weakening of growth rates across the eurozone, which led to the EU increasing its GDP by only 0.2% in the final three months of 2018.
Eurozone CRISIS: Euro 'staring over the precipice of a recession'
In 1987 Italy’s GDP even briefly overtook the UK’s but it subsequently dropped down the international league tables so that by the time the euro was formed in 1999 it was already a weak performer.
But the euro has made matters worse, according to Mr Bootle.
Since its formation, Italy has grown by only 9 percent.
Mr Bootle contrasts this with the UK’s performance when he states: “By contrast, the UK, self-excluded from the benefits of the single currency, has grown by 44 percent.”
He added: “Italian 10-year bond yields are about 2.6 percent above their German equivalents, compared to 1.2 percent before the current government was formed.
“Unless Italy manages to conjure up a sustained growth spurt, then the eventual result will be a default, an exit from the euro, or both.”
Mr Bootle gave some historical context to the present economic downcast.
He details that, “throughout Italy’s 20 years in the euro, the political system has been in a mess.
ITALEXIT? Italy to CRASH OUT of Euro and 'rock EU to its foundations' claims economist
ITALY has fallen back into recession with its economy shrinking by 0.2% in the last quarter, causing economists such as Roger Bootle to suggest that it may default or exit from the euro.
By BRIAN MCGLEENON
PUBLISHED: 06:15, Mon, Feb 4, 2019 | UPDATED: 16:33, Mon, Feb 4, 2019
471
Italy recession: Eurozone moving ‘too fast’ says economist
Play
Mute
Current Time
0:15
/
Duration
0:48
Share
Fullscreen
Mr Bootle also made a worrying prediction for the EU economy as a whole. He said: “As and when Italy finally blows up this will cause both a banking crisis that will shake the European economy and a political crisis that will rock the EU to its foundations.” It is now the third time Italy has fallen into recession in a decade. There has been a weakening of growth rates across the eurozone, which led to the EU increasing its GDP by only 0.2% in the final three months of 2018.
RELATED ARTICLES
EU funds ‘going to MAFIA’: Park leader claims £2.6BN stolen by mob
Eurozone CRISIS: Euro 'staring over the precipice of a recession'
In 1987 Italy’s GDP even briefly overtook the UK’s but it subsequently dropped down the international league tables so that by the time the euro was formed in 1999 it was already a weak performer.
But the euro has made matters worse, according to Mr Bootle.
Since its formation, Italy has grown by only 9 percent.
Mr Bootle contrasts this with the UK’s performance when he states: “By contrast, the UK, self-excluded from the benefits of the single currency, has grown by 44 percent.”
PROMOTED STORY
READ MORE: END OF EU: 'Religious' ideologue and euro threaten Juncker's dream
Giuseppe Conte
Giuseppe Conte Italian Prime Minister (Image: GETTY•EPA)
Matteo Salvini
Matteo Salvini (Image: GETTY)
He added: “Italian 10-year bond yields are about 2.6 percent above their German equivalents, compared to 1.2 percent before the current government was formed.
“Unless Italy manages to conjure up a sustained growth spurt, then the eventual result will be a default, an exit from the euro, or both.”
Mr Bootle gave some historical context to the present economic downcast.
He details that, “throughout Italy’s 20 years in the euro, the political system has been in a mess.
Videos & pictures at link