German politicians and media are intensifying pressure on Rome in anticipation of today’s EU Commission verdict on Italy’s national budget. Already last week, EU Budget Commissioner Günther Oettinger announced, in reference to the Italian deficit, that the Italian government must “correct” its draft budget. Media reports refer to a “black week” for Rome. Negative reporting – like rating agencies’ devaluation of Italy’s creditworthiness – can contribute to the destabilization of Italy’s financial and credit markets. The country’s current downward spiral threatens to re-escalate the banking crisis. Whereas Berlin insists that the EU take sharp measures against deficits, Germany’s Finance Minister at the time, Wolfgang Schäuble had prevented the EU Commission from taking measures against excessive surpluses, which the commission sees as potentially just as destabilizing. Germany has been achieving these surpluses year after year.
Corruption
the shift: Pilatus Bank might be gone but Malta remains a money-laundering haven
Once again it took the intervention of the US justice authorities to force the EU to finally do something about one of its criminal bank, not that the EU really cares. Laws, like austerity, are […]
National Politics
Chris Hedges: The Lords of Chaos
The politicians and shills in the media who orchestrated 20 years of military debacles in the Middle East, and who seek a world dominated by U.S. power, must be held accountable for their crimes. Read […]
EU politics
VilaWeb – Catalonia: Pro-independence parties surpass 50% of votes in Catalan election and increase parliamentary majority
Social Democrats win the vote, followed closely by the independence parties Esquerra and Junts per Catalunya, while far-right Vox enters Parliament for the first time Read here
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