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.
Aviation
George Monbiot – Corona Crisis: No Government should offer Airlines and Oil Giants a Lifeline
This crisis is a chance to rebuild our economy for the good of humanity. Let’s bail out the living world, not its destroyers. Read here
Austerity
Trades Union Congress – Unsecured debt hits new peak of £15,400 per household – new TUC analysis
With dpressed wages the question was, how can workers buy the products that capitalists produce when they had so little money in their pocket? The answer: credit. Read here
National Politics
New Yorker: Why John Mearsheimer Blames the U.S. for the Crisis in Ukraine
For years, the political scientist has claimed that Putin’s aggression toward Ukraine is caused by Western intervention. Have recent events changed his mind? Read Here Photo: kremlin.ru licensed under the Creative Commons Attribution 4
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