Tuesday, 22 May 2018
Junkers and Co’s Waterloo, The Italian Coalition Game On. A SEEDS Analysis From Dr Tim Morgan
#127: Quantum of risk, part three
rogerglewisMay 22, 2018UncategorizedEdit "#127: Quantum of risk, part three" Post navigation
Seeds gives a refreshing perspective outside of the Usual Monetary voodoo of Classical Liberalism.
Restoring Italian Central Bank Sovereignty seems to be the Most sensible route for the Italians and this will be a re run of the Troika against Yanis Varafoukis gambit of the Oxi referendum:
Varafoukis has been very interesting on Brexit and DIEM 25 is an interesting initiative he is a key player in. What He has to say about Italy will be very interesting.
I think Italy has looked like being Junkers and Co’s Waterloo for some time.
Interesting Times indeed.
Here’s a test of the imagination. First, picture someone asking you to write off a debt of €100,000 that he owes you. Next, picture this same man, with his next breath, asking if you will also act as guarantor of his next overdraft. Oh, and he would like to rewrite all the rules governing the financial relationship between you, too.
Though this stretches the imaginative faculty, it’s pretty much what the incoming Italian government is asking of the European Central Bank (ECB). As well as agreeing to write off €250bn of Italian public debt, the ECB is expected to watch benignly as Italy then embarks on a new fund-raising exercise, implicitly guaranteed by the ECB.
The chances of the ECB agreeing to this must be close to zero, not least because of the precedent that it would set for other Euro Area (EA) borrowers.
Yet it seems…
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at May 22, 2018
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