Socio-Economics History Blog

Socio-Economics & History Commentary

‘We’re at Tipping Point’ Italian MEP Warns Migrant Crisis Bringing EU to Brink of Collapse

  • ‘We’re at Tipping Point’ Italian MEP Warns Migrant Crisis Bringing EU to Brink of Collapse
    by NICK GUTTERIDGE, BRUSSELS CORRESPONDENT, http://www.express.co.uk/
    A SENIOR Italian politician has warned that the European Union is once again hurtling towards the brink of collapse because of the renewed migration crisis and Brussels’ failure to effectively manage it.

    In a hard-hitting plea socialist leader Gianni Pittella called on EU leaders to start taking the situation in his home country more seriously or it could grow to threaten the whole future of the bloc. He said Eastern European countries’ point blank refusal to take in refugees under the club’s quota scheme was “unacceptable” and backed calls to strip them of their Brussels funding.

    And the Italian MEP, president of the Socialist and Democrat grouping in the EU parliament, warned that unless the migration issue is sorted it will simply “harden divisions” and rip the bloc apart.

    The EU has been grown into chaos by the recent upsurge in arrivals to Italy, which has exposed stark differences within the different member states over how to deal with mass migration. Eastern European countries like Hungary and Poland have predictably refused to take in any asylum seekers, but Rome has been alarmed at the extent to which it has also been abandoned to its fate by key players like France and Germany.

    With newly elected Emmanuel Macron keen to strike a tough tone on migration as he looks to win over supporters of Marine Le Pen, and Angela Merkel facing her own election battle in September, little help has been on offer. 

    read more.

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August 11, 2017 Posted by | GeoPolitics, Social Trends | , , , , , | Leave a comment

Italy is ‘EXISTENTIAL Threat’ to EU: Economic Expert Warns Italy Crisis Will DESTROY EU

http://www.express.co.uk/news/world/822648/Italian-finance-minister-warns-Venetian-banks-could-collapse-Italian-economy-and-EU

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  • Italy is ‘EXISTENTIAL Threat’ to EU: Economic Expert Warns Italy Crisis Will DESTROY EU
    by AURORA BOSOTTI, http://www.express.co.uk/
    INVESTMENT planner Paul Gambles warned that the growing Italian political crisis could become a bigger risk to the European Union than Brexit.

    Financial expert Paul Gambles from the MBMG Group warned that the current political crisis faced by Italy could become an “existential threat” to the European Union.

    Speaking to CNBC, Gambles explained that the Southern European country could elect an anti-European majority in the upcoming elections planned for 2018. “Italy has to have elections sometime within the next six months and there’s a real ground swell that actually could be an anti-Europe majority or an anti-Europe coalition.”

    “Italy is a full on, a major member of the EU because it’s a member of the eurozone. If there’s any sign at all of this election going to an Italian exit-style party or coalition then that’s really a  major existential threat to euro, to the eurozone.”

    “All bets are completely off in that situation.”
    Italians will be called to the ballots sometime in Spring 2018 to elect their government despite the current Parliament being in the midst of changing the electoral law. Over the past 24 years, Italy has changed its electoral law three times.

    read more.
http://www.express.co.uk/news/world/767245/European-Union-two-speed-founding-members-Italy

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http://sputniknews.com/europe/20160822/1044502282/germany-italy-france-relaunching-europe.html

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https://www.rt.com/news/378678-lawmakers-federal-union-of-europe/

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http://www.voxeurop.eu/en/content/news-brief/2211991-10-countries-united-states-europe

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August 4, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , | 1 Comment

End of the EU? Wave of Populism Takes Over Bloc as Austria and Italy Prepare for Elections

  • End of the EU? Wave of Populism Takes Over Bloc as Austria and Italy Prepare for Elections
    by ZOIE O’BRIEN, http://www.express.co.uk/
    EUROPEAN Union bosses breathed a sigh of relief when Marine Le Pen was defeated by Emmanuel Macron in France – but new studies have revealed the spread of populism is FAR from over.

    Angela Merkel revealed just last month she was rocked by Brexit, and feared for the future of the EU, but the result of the French presidential election gave her new hope. However, that hope may be dashed after the findings of Epicenter (the European Policy Information Centre). Populism is being described as the ‘third force’ in Europe – with right-wing parties gaining renewed support across the bloc. The Epicenter report revealed the total number of European voters who bucked the Brussels rhetoric and chose an anti-system force at the last political elections was 21.4 percent. This means 55.8 million people preferred an alternative to traditional political forces – or those preferred by the EU.

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July 31, 2017 Posted by | GeoPolitics | , , , | Leave a comment

EU CIVIL WAR: Austria Threatens to Send Army to Italy Border in 24 HOURS Over Migrant Row

Austria is threatening to close the Brennan mountain pass border with Italy.

  • EU CIVIL WAR: Austria Threatens to Send Army to Italy Border in 24 HOURS Over Migrant Row
    by ROSS LOGAN AND MONIKA PALLENBERG, http://www.express.co.uk/
    AUSTRIA has warned it will send soldiers to close the border with Italy in 24 hours if Rome decides to take the “nuclear option” and grant visas to almost 100,000 migrants stranded in the Mediterranean country.

    Desperate Italian officials have said they are considering allowing thousands of migrants out of the country and into the rest of Europe, as they struggle to cope with the 10,000 people arriving every day.

    Austria, which shares a border with Italy via Brenner, an Alpine mountain pass, has reacted to the proposals with fury, saying it would immediately introduce border controls in the region.

    Yesterday during a border visit, Austria’s Interior Minister Wolfgang Sobotka said: “Italy granting humanitarian visas to migrants is unacceptable. In that case, we would immediately introduce controls in Brenner.

    “Humanitarian visas are a European issue, not Italian.”

    Today he elaborated further on his government’s possible response, in an interview with German newspaper Bild. He said: “If the number of illegal migrants towards Austria keeps rising we will close the border in Brenner.  “Within 24 hours we can close the border and carry out strict controls with our soldiers”.

    Italy has long complained it is being left alone to cope with the brunt of the refugee crisis with high numbers of migrants arriving on Italian shores, as the country marks an entry point to the EU on one of the most popular routes for people arriving from Libya. 

    read more.

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July 21, 2017 Posted by | GeoPolitics | , , , | Leave a comment

EU in Crisis: Austria Threatens to Close Border as Italy Considers Handing Migrants Visas

http://www.express.co.uk/news/world/829232/Italian-Government-asylum-seekers-200-000-EU-visas-Schengen-scheme-travel

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  • EU in Crisis: Austria Threatens to Close Border as Italy Considers Handing Migrants Visas
    by REBECCA FLOOD, http://www.express.co.uk/
    THE European Union is at breaking point as Austria threatens to shut its borders in response to Italy considering granting migrants visas to travel the bloc.

    Austrian ministers have hit out over the Italian proposal, with the Interior Minister Wolfgang Sobotka branding the plans “unacceptable”. Italy is considering issuing temporary visas to allow migrants to travel around the EU, in a calculated move intended to pressure its EU neighbours to do more to help ease the migration crisis.

    But during a visit to the Austrian-Italian border, and a furious Mr Sobotka declared Austria would have no qualms in installing border controls at key locations. He said: “Italy granting humanitarian visas to migrants is unacceptable. In that case, we would immediately introduce controls in Brenner.

    “Humanitarian visas are a European issue, not Italian.”

    Italy has long complained it is being left alone to cope with the brunt of the refugee crisis with high numbers of migrants arriving on Italian shores, as the country marks an entry point to the EU on one of the most popular routes for people arriving from Libya. Deputy Foreign Minister Mario Giro said Italy is considering issuing 200,000 temporary migrant visas, allowing them to travel throughout the EU in a bid to force other countries to take note of the problem.

    read more.

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July 19, 2017 Posted by | GeoPolitics, Social Trends | , , , , , , | Leave a comment

‘We’ve Been Invaded’: Italian Mayor Slams Govt’s Policy on Migrants

  • Published on Jul 17, 2017
    Rural Italian mayors protest govt’s poor handling of housing migrants.

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July 18, 2017 Posted by | GeoPolitics, Social Trends | , , | 1 Comment

Italy Threatens EU With “Nuclear Option”: Give 200,000 Migrants EU Visas, Sending Them North

http://www.express.co.uk/news/world/829232/Italian-Government-asylum-seekers-200-000-EU-visas-Schengen-scheme-travel

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  • Italy Threatens EU With “Nuclear Option”: Give 200,000 Migrants EU Visas, Sending Them North
    by Tyler Durden, http://www.zerohedge.com
    Two weeks after Italy reacted with anger to Austria’s deployment of troops and armored vehicles to the border between the two nations, while reactivating border controls at the Brenner Pass over concerns that Italy will be unable to handle the roughly 85,000 migrants and refugees who have entered the country so far in 2017, the Italian government has threatened to retaliate in way that assures an imminent migrant crisis as well as an escalation of tensions between the two EU nations.

    According to The Times, an Italian minister and a senator have threatened to issue temporary EU visas to thousands of migrants in an effort to “resolve” Italy’s escalating migrant and refugee crisis, which would then allow the refugees to travel north. The move, which has been described as a ‘nuclear option,’ would allow the nearly 200,000 migrants currently stranded in Italy, to travel across Europe using a Brussels directive loophole.

    Paolo Gentiloni, the prime minister, is livid that the rest of Europe has refused to take its fair share of migrants and that they have closed ports to rescue ships as the number of refugees attempting the treacherous crossing from Libya to the Continent has surged.

    read more.

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July 17, 2017 Posted by | GeoPolitics, Social Trends | , , , , , , | Leave a comment

Italy Openly Discusses Euro Exit in Parliament: Debt Restructuring or “Italeave” on the Way?

  • Italy Openly Discusses Euro Exit in Parliament: Debt Restructuring or “Italeave” on the Way?
    by , https://mishtalk.com/
    In Europe, where it is essentially taboo to publicly discuss anything deemed politically incorrect, some interesting conversations are taking place in the Italian parliament regarding the future of Italy in the eurozone. Via email, Eurointelligence asks Is Italy heading for debt restructuring or euro exit?

    We are reporting from an important conference in Rome yesterday that has caught the Italian news headlines this morning – on the future of Italian public debt. It was organized by the Five Star Movement, held in the Italian chamber of deputies, and openly discussed issues such default mechanism inside the eurozone, sovereign debt restructuring mechanisms, parallel payment systems, and of course euro exit.

    What is important about this debate is that it is now taking place in public – you can’t be more public than inside the parliament. Italians, not only the Five Star Movement, are openly talking about these issues.

    One of us was on the podium, where we reiterated our criticism of the Five Star Movement’s previous-held cavalier notion of a euro referendum. The essential point we were trying to make in the debate, well reflected in this morning’s coverage by the main newspapers, is that euro exit is not a decision to be taken lightly. The announcement of a referendum would produce a financial crisis and might turn into a self-fulfilling prophecy. Euro exit belongs to the category of things that, citing Shakespeare’s Macbeth, “if it were done when ‘tis done, then ‘twere well It were done quickly“.
    ….
    Path Towards Italeave
    I have noted before that all of Italy’s major political parties with the exception of Matteo Renzi’s Democratic Party have flirted with or actively support leaving the Euro. The path to Italeave is a difficult one, requiring a referendum and a constitutional change, but trouble is brewing on a huge number of fronts simultaneously:


    1. The Italian banking system is insolvent
    2. Another refugee crisis is brewing (this time via boats from Libya)
    3. Italy’s youth unemployment is a whopping 37%
    4. The ECB is the buyer of only resort for Italian bonds
    5. Italy’s debt to GDP ratio is over 130% to the consternation of Eurozone officials
    6. The global recovery is extremely long in the tooth
    7. Italy made no progress during the recovery
    8. The topic of Italeave is no longer taboo

    Any number of things could start a chain reaction making Italeave look good to a majority of Italian voters.

    read more.

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July 5, 2017 Posted by | Economics, GeoPolitics | , , , , , , , | Leave a comment

ITALY CRISIS: EU Bails Out Italy’s Struggling Bank Monte dei Paschi for a Whopping £4.7BN

  • ITALY CRISIS: EU Bails Out Italy’s Struggling Bank Monte dei Paschi for a Whopping £4.7BN
    by VICKIIE OIIPHANT, http://www.express.co.uk/
    ITALY’S failing Monte dei Paschi bank has been granted a whopping £4.7billion bailout from the European Union in the biggest handout since the financial crisis.

    More than £17.5bn of Italian taxpayer funds has now been sunk into the country’s fourth largest lender in the past week alone. And the world’s oldest bank was forced to turn to the state for a bailout after failing to raise five billion euros on the market to shore up its capital. Outside Greece, Europe has not seen such big state bailouts since the aftermath of the global financial crisis.

    And the cash injections have raised political concerns about the continued use of public funds to mop up losses at badly run banks despite the introduction of new EU rules designed to prevent this. In a statement on Tuesday,  state aid regulators said Rome could inject an extra 5.4 billion euros aid into the bank after it agreed to a drastic overhaul. The plan includes the transfer of €28.6bn worth of bad loans to a special vehicle and a salary cap for senior managers.

    read more.

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July 5, 2017 Posted by | Economics, GeoPolitics | , , , , , , | 1 Comment

Italy Angry at Austria Decision to Deploy Troops & Armored Vehicles to Border

  • Published on Jul 4, 2017
    The Italian Foreign Ministry has summoned the Austrian ambassador over Vienna’s decision to re-introduce border controls. The move comes as Austria announced it was ready to deploy troops and armored vehicles to the Italian border over the growing migrant inflow.

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July 5, 2017 Posted by | GeoPolitics | , , | Leave a comment

Italy ON BRINK: Now THIRD Italian Bank Demands Cash Injection as It Sinks in Bad Loans

  • Italy ON BRINK: Now THIRD Italian Bank Demands Cash Injection as It Sinks in Bad Loans
    by TOM PARFITT & MONIKA PALLENBERG, http://www.express.co.uk/
    ONE of Italy’s biggest banks held crisis talks today after it was told to raise money as the country’s financial troubles deepen.

    The European Central Bank has urged Banca Carige, which is based in the city of Genoa, to raise capital and shed bad loans. But its restructuring has been delayed by a governance spat which led to the appointment of a new CEO last month. Paolo Fiorentino took charge of the regional lender after a vote of no-confidence in his predecessor, Guido Bastianini.

    Mr Bastianini reportedly fell out with Vittorio Malacalza, the bank’s top investor, before his dramatic departure. Three board members have resigned since in disagreement. Carige has lost nearly €2billion (£1.75bn) in the past four years because of big loan writedowns and slumping revenues. The bank, the ninth largest in Italy, held a board meeting this morning to discuss its financial woes.

    read more.

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July 4, 2017 Posted by | Economics | , , , , , , | 1 Comment

Italian Finance Minister Reveals How Close EU and Italy Came to COLLAPSE this Week

http://www.express.co.uk/news/world/822648/Italian-finance-minister-warns-Venetian-banks-could-collapse-Italian-economy-and-EU

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June 30, 2017 Posted by | Economics, GeoPolitics | , , , , , | 1 Comment

Two Italian Zombie Banks Toppled Friday Night

  • Two Italian Zombie Banks Toppled Friday Night
    by , http://wolfstreet.com/
    ECB shuts down Veneto Banca and Banca Popolare di Vicenza.
    When banks fail and regulators decide to liquidate them, it happens on Friday evening so that there is a weekend to clean up the mess. And this is what happened in Italy – with two banks!


    It’s over for the two banks that have been prominent zombies in the Italian banking crisis: Veneto Banca and Banca Popolare di Vicenza, in northeastern Italy.

    The banks have combined assets of €60 billion, a good part of which are toxic and no one wanted to touch them. They already received a bailout but more would have been required, and given the uncertainty and the messiness of their books, nothing was forthcoming, and the ECB which regulates them lost its patience.

    In a tersely worded statement, the ECB’s office of Banking Supervision ordered the banks to be wound up because they “were failing or likely to fail as the two banks repeatedly breached supervisory capital requirements.”

    “Failing or likely to fail” is the key phrase that banking supervisors use for banks that “should be put in resolution or wound up under normal insolvency proceedings,” the statement said. This is the first Italian bank liquidation under Europe’s new Single Resolution Mechanism Regulation. The ECB explained:

    read more.

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June 26, 2017 Posted by | Economics | , , , , | Leave a comment

Merkel: Germany Can Not Rely on US, UK Anymore

  • Published on May 28, 2017
    The German chancellor has expressed disappointment over the result of the recent meetings between G-7 nations and NATO, saying Germany can not rely on the US and the UK anymore. Angela Merkel made the remarks at an event hosted by Christian Social Union party in Bavaria’s Munich. Merkel’s comments come following the summit of G-7 countries held in Italy’s Sicily. The German leader harshly criticized the US president for keeping the G-7 in the dark about his country’s stance on climate change, denouncing Donald Trump’s delay in making the final decision on the Paris accord.
  • The message is pretty clear. The EU Superstate: 10 Horn Beast Empire, the United States of Europe is about to be formally announced. It is already being implemented. They will attempt to break free of the Anglo-American centric global hegemony.

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May 30, 2017 Posted by | GeoPolitics | , , , , , | Comments Off on Merkel: Germany Can Not Rely on US, UK Anymore

Looks Like The Media Spread Another False Story About Trump

  • Looks Like The Media Spread Another False Story About Trump
    by Peter Hasson, http://dailycaller.com/
    A BBC reporter kicked off an international firestorm Saturday morning when he claimed that Trump chose not to listen to a translation as Italian Prime Minister Paolo Gentiloni was speaking at the G7 summit.

    BBC diplomatic correspondent James Landale tweeted a “short clip that sums up” the summit, attaching a video he claimed showed Trump had “chosen not to hear a translation of his Italian host’s speech.” From the clip Landale tweeted, Trump appeared to be the only world leader not listening to a translation through headphones.

    Journalists around the world quickly ran with the story that Trump was snubbing his foreign counterparts, using the one tweet as evidence. Landale’s tweet, meanwhile, was quickly shared thousands of times across Twitter.

    “Trump obviously speaks fluent Italian so there is no need for headphones for translation,” Huffington Post politics editor Sam Stein snarked.

    UK newspaper The Mirror ran a story titled “Donald Trump ‘caught pretending to listen’ at G7 summit – after crucial mistake ‘gives him away’” that was based entirely off of Landale’s tweet.

    German newspaper Der Spiegal ran a similar story, claiming Trump was disinterested in what Gentiloni had to say. The evidence for that story, too, consisted of Landale’s one tweet.

    There’s just one problem: Trump was listening to the speech through an earpiece in his right ear, according to press secretary Sean Spicer. “As usual [President Trump] wears a single ear piece for translation in his right ear,” Spicer said on Twitter.

    In other photos from the summit, Trump can indeed be seen wearing an earpiece in his right ear.

    Bloomberg’s Jennifer Jacobs noted the White House’s displeasure with the “false reporting.”

U.S. President Donald Trump (L) listens to Italian Prime Minister Paolo Gentiloni as they sit around a table during the G7 Summit of the Heads of State and of Government in Taormina, Sicily, on May 26, 2017. / AFP PHOTO / POOL / JONATHAN ERNST

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May 29, 2017 Posted by | GeoPolitics | , , , , , , , , , , | Comments Off on Looks Like The Media Spread Another False Story About Trump