Beppe Grillo's party is their equivalent of UKIP, a Eurosceptic party, anti-Euro party. His protest party was mean't to get next to no votes in their recent general election, as protest parties only get votes during by-elections apparently (somebody should have also told the Labour party that in the early 20th century), except it didn't work out like that where he got 25% of the votes and holds the balance of power. Like Nigel Farage who made lots of money in the city and understands finance. Beppe although he works as a comedian, he is also a qualified accountant!
http://www.telegraph.co.uk/news/worldnews/europe/italy/9904270/Beppe-Grillo-says-Italy-may-soon-have-to-pull-out-of-euro.htmlHe is now pushing hard for an Italian Euro exit, a default on the 127% of GDP debt to get the country growing again. Needless to say this has got EU officials butts twitching, because if it happens Italy will almost certainly make a success of it, because apart from their massive sovereign debt, their economic fundamentals are very good (better than the UK). They are currently running a budget and balance of payments surplus with their biggest problem being the EU / Government sharp contraction of over 3% of GDP, engineered by the Mario Monti EU Stooge Party, which has caused their current recession. To avoid a recession it is generally accepted that a Government contraction of an economy should not be more than 1%, which is what the UK is running at, which is why our economy is bumping along the floor.
Now if Italy make a success of by exiting the Euro, where will that leave Greece, Spain, Portugal and Ireland and probably France at some point in 2013?
Hence, the EU officials are beginning to have a squeaky bum time.
Author
Topic: Beppe gets EU butts twitching (Read 656 times)