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'It's insult to Europe!' Economist explains why new Italy Government spells TROUBLE for EU

June 1, 2018 8:18 PM
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'It's insult to Europe!' Economist explains why new Italy Government spells TROUBLE for EU

Italy has started its way to recovery following an intense four-day Constitutional crisis sparked by President Sergio Mattarella's decision to reject a key cabinet member proposal.

Economist Paolo Savona saw his appointment vetoed over concerns about his anti-euro views that sparked panic across the European Union and European markets.

But on June 1 President Mattarella swore in the eurosceptic academic as the new head of the European Affairs Ministry.

Author Alan Friedman told euronews: "The fact that Paolo Savona, the controversial anti-euro economist who was blocked by the President of Italy from becoming Treasury Minister, has now been shifted over and snuck through the back door in as European Affairs Minister is like an insult to Europe.

"Paolo Savona has talked about leaving the Euro as a plan B: that might not happen and Italy will stay in the single currency but they’ve also promised €100bn of spending plans."

The anti-euro economist is set to feed into the growing concerns of the European Union due to years of attacks against key aspects of the bloc, with a particular focus on the euro.

Mr Friedman continued: "This Government of populists demagogues, eurosceptic and anti-immigrant, will hold.

"Right now the financial markets have calmed after being spooked and worried about Italy and after and Italia bond sell-off.

Also read: 'Give in to Italy or EU dies' Financial warning ROCKS Brussels as European CRISIS looms


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