Italy defies it's Economy Minister...

[WyrleyD]

and sets a budget with a deficit of 2.4% for three years from 2019 in defiance of the limit set my the Economy Minister Giovanni Tria who said the limit was 1.6, Tria wanted to resign but was asked to stay on by the President. I see the Euro fell on the news but the European Commission has been strangely silent on the issue even though this puts Italy on a collision course with them.

Reuters news item here:

https://uk.reuters.com/article/uk-italy-budget/ita...

[stongle]

And herein the problem with the EU. Why we bothered with the referendum and leaving I don't know. Should've stayed in and done what we wanted. What would've been the bigger problem (for the EU), us curtailing some freedom of movements and powers of the ECJ, OR allowing the peripheral states to continue to take the p*ss with the currency unit? The Target2 doomsday clock is ticking.

[TooMany2cvs]

Let's not forget that this is the Eurozone, not the EU. The UK had a permanent opt-out from the Euro, and did not fund the ECB in any way.

Oh, and only 2.4% of GDP? The UK's deficit in 2010 was 11.6% of GDP. It was still 2.96% as recently as 2015.

[Kccv23highliftcam]

stongle said:

And herein the problem with the EU. Why we bothered with the referendum and leaving I don't know. Should've stayed in and done what we wanted. What would've been the bigger problem (for the EU), us curtailing some freedom of movements and powers of the ECJ, OR allowing the peripheral states to continue to take the p*ss with the currency unit? The Target2 doomsday clock is ticking.

LOL This countries "leaders" have always had their eye on the gravy train far to much to upset the apple-cart.

[stongle]

TooMany2cvs said:

Let's not forget that this is the Eurozone, not the EU. The UK had a permanent opt-out from the Euro, and did not fund the ECB in any way.

Oh, and only 2.4% of GDP? The UK's deficit in 2010 was 11.6% of GDP. It was still 2.96% as recently as 2015.

y

C'mon, the 2 are totally intertwined. And realistically going against the Currency rules is arguably worse than having straight bananas or calling English Sparkling wine champagne. And whilst we don't fund the ECB, we are bound by certain banking rules that are a nonsense.

Anyhow, let's see how pro Europen ze Germans are when they are writing off hundreds of billions of peripheral debt.

[bazza white]

Brussels say no.

https://www.google.co.uk/amp/s/news.sky.com/story/...

Will be an interesting few weeks.

[gofasterrosssco]

bazza white said:

Brussels say no.

https://www.google.co.uk/amp/s/news.sky.com/story/...

Will be an interesting few weeks.

I particularly like this quite obvious fib:

European Commission vice president Valdis Dombrovskis said: "Today for the first time the commission is obliged to request a euro area country to revise its draft budgetary plan, but we see no alternative."

Isn't that effectively what's been happening to Greece for years..

[anonymous-user]

stongle said:

And herein the problem with the EU. Why we bothered with the referendum and leaving I don't know. Should've stayed in and done what we wanted...

Well quite. One only has to look at the nationalities of the EU civil service and related bureaucracies to realise we were never going to punch our weight, let alone above it. Quite why it wasn't our mission to stuff these organisations with Brits I'll never know. Instead we just sent them third rate dross like the Kinnocks and Baroness Ashton and then wonder why we get fvcked at every turn.

[Enricogto]

fblm said:

Well quite. One only has to look at the nationalities of the EU civil service and related bureaucracies to realise we were never going to punch our weight, let alone above it. Quite why it wasn't our mission to stuff these organisations with Brits I'll never know. Instead we just sent them third rate dross like the Kinnocks and Baroness Ashton and then wonder why we get fvcked at every turn.

Well, considering that the other EU countries also send their third rate politicians, this possibly says something about the level of politics in this country...

[WyrleyD]

Italy have previously said that if the EU play hard-ball and financially threaten them then they will go ahead and issue the mini-bot "parallel" currency, if that happens and it's successful then it's bye-bye euro.

[anonymous-user]

Enricogto said:

fblm said:

Well quite. One only has to look at the nationalities of the EU civil service and related bureaucracies to realise we were never going to punch our weight, let alone above it. Quite why it wasn't our mission to stuff these organisations with Brits I'll never know. Instead we just sent them third rate dross like the Kinnocks and Baroness Ashton and then wonder why we get fvcked at every turn.

Well, considering that the other EU countries also send their third rate politicians, this possibly says something about the level of politics in this country...

.....and what does it say about the EU? Stuffed to the gills with third raters.

But we already knew that didn’t we?

[anonymous-user]

gofasterrosssco said:

bazza white said:

Brussels say no.

https://www.google.co.uk/amp/s/news.sky.com/story/...

Will be an interesting few weeks.

I particularly like this quite obvious fib:

European Commission vice president Valdis Dombrovskis said: "Today for the first time the commission is obliged to request a euro area country to revise its draft budgetary plan, but we see no alternative."

Isn't that effectively what's been happening to Greece for years..

More interesting comments:

"This is the first Italian budget that the EU doesn't like," wrote Deputy Prime Minister Luigi Di Maio on Facebook. "No surprise: This is the first Italian budget written in Rome and not in Brussels!"

His co-deputy PM Matteo Salvini added: "This doesn't change anything."
"They're not attacking a government but a people. These are things that will anger Italians even more," he said.

[DamnKraut]

REALIST123 said:

More interesting comments:

"This is the first Italian budget that the EU doesn't like," wrote Deputy Prime Minister Luigi Di Maio on Facebook. "No surprise: This is the first Italian budget written in Rome and not in Brussels!"

His co-deputy PM Matteo Salvini added: "This doesn't change anything."
"They're not attacking a government but a people. These are things that will anger Italians even more," he said.

Yep, that’s what you get when voting solely with a view to “sticking it to the elites” - a 32 yr old lefty nut job who never worked in his life and a racist fascist piece of scum. It’s like the most mental Corbynites join forces with BNP scum just to fk up what’s left of a country that’s already in deep st.

The fight with the EUC is the perfect scenario for them, so they can “unite” further potential voters behind them. For the sake of all of Europe can only hope they will not prevail.

[anonymous-user]

DamnKraut said:

REALIST123 said:

More interesting comments:

"This is the first Italian budget that the EU doesn't like," wrote Deputy Prime Minister Luigi Di Maio on Facebook. "No surprise: This is the first Italian budget written in Rome and not in Brussels!"

His co-deputy PM Matteo Salvini added: "This doesn't change anything."
"They're not attacking a government but a people. These are things that will anger Italians even more," he said.

Yep, that’s what you get when voting solely with a view to “sticking it to the elites” - a 32 yr old lefty nut job who never worked in his life and a racist fascist piece of scum. It’s like the most mental Corbynites join forces with BNP scum just to fk up what’s left of a country that’s already in deep st.

The fight with the EUC is the perfect scenario for them, so they can “unite” further potential voters behind them. For the sake of all of Europe can only hope they will not prevail.

You’re right. They’re in deep st. That’s where the EU and the Euro took them.

Why do you think that so many want to ‘stick it to the elite’?

[gooner1]

gofasterrosssco said:

I particularly like this quite obvious fib:

European Commission vice president Valdis Dombrovskis said: "Today for the first time the commission is obliged to request a euro area country to revise its draft budgetary plan, but we see no alternative."

Isn't that effectively what's been happening to Greece for years..

" request"

[JuanCarlosFandango]

Business

https://www.telegraph.co.uk/finance/2835573/Nissan...
Nissan will leave if we don't join the euro, 2002

http://news.bbc.co.uk/1/hi/business/120407.stm
CBI urges business to back joingin the euro, 1998

https://www.theguardian.com/business/2000/jan/18/e...

Experts

https://www.irishtimes.com/business/imf-guides-bri...
IMF 1999

https://www.theguardian.com/uk/2000/jun/09/euro.eu
Ripe for the Euro, OECD 2000

https://www.economist.com/britain/1999/04/15/econo...
Top academic economists, in The Economist, 1999

Cool celebs

http://news.bbc.co.uk/1/hi/uk_politics/819696.stm
Richard Branson

Politicians

https://www.telegraph.co.uk/news/1394281/Blair-cas...
Overwhelming case for joining the euro, Tony Blair, 2002

http://news.bbc.co.uk/1/hi/uk_politics/836661.stm
Worth the risk, Ken Clarke, 2000

And one who defies categorisation

http://news.bbc.co.uk/1/hi/business/1008512.stm
James Dyson saying he will move production to the far east if we don't jointhe euro, 1999

What an opportunity we missed. Won't make that mistake again.

It's amazing that some people didn't learnt his lesson the first time around.

Edited by JuanCarlosFandango on Tuesday 23 October 23:18

[don'tbesilly]

gooner1 said:

gofasterrosssco said:

I particularly like this quite obvious fib:

European Commission vice president Valdis Dombrovskis said: "Today for the first time the commission is obliged to request a euro area country to revise its draft budgetary plan, but we see no alternative."

Isn't that effectively what's been happening to Greece for years..

" request"

That EU army can't come soon enough, the plebs are are in danger of causing some grief.

[gooner1]

don'tbesilly said:

That EU army can't come soon enough, the plebs are are in danger of causing some grief.

Army? What Army?

[TooMany2cvs]

JuanCarlosFandango said:

Business

https://www.telegraph.co.uk/finance/2835573/Nissan...
Nissan will leave if we don't join the euro, 2002

The article doesn't say that. It says they'll consider further investment.

The Telegraph said:

Mr Ghosn, who is credited with having transformed the fortunes of Nissan, said that if Britain did not join the euro, the company could decide on "less assembly activity".

Nissan already sources 30pc of the parts for the Micra in sterling to reduce the effects of a strong pound, against 80pc on its previous model.

It then goes on to say...

The Telegraph said:

The company joins a number of car manufacturers complaining about Britain standing outside the eurozone.

Peugeot Citroen has said that the euro will be a factor in its decision on whether to invest further in its West Midlands factory at Ryton, where the 206 is built.

Sir Nick Sheele, chief operating officer of Ford, has said that not entering the euro was the equivalent of a 25pc tax on the company's UK profits.

How many cars do PSA build at Ryton now, and how many do Ford build in the UK?

JuanCarlosFandango said:

And one who defies categorisation

http://news.bbc.co.uk/1/hi/business/1008512.stm
James Dyson saying he will move production to the far east if we don't jointhe euro, 1999

...which he promptly did.
http://news.bbc.co.uk/1/hi/business/1801909.stm
http://news.bbc.co.uk/1/hi/england/wiltshire/31664...

Oh, and let's not forget...
https://www.bbc.co.uk/news/business-45950377

[JuanCarlosFandango]

I bet if Greece could go back to 1999 and NOT join the Euro they would take 865 job losses as a pretty reasonable price to pay.