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.
National Politics
Balkan Insight – Serbian Govt Denies Using ‘Sonic Weapon’ to Cause Panic at Mass Protest
‘After one of the biggest demonstrations in Serbian history, many are demanding to know whether a small-scale stampede was the result of the authorities using a ‘sound cannon’ to disperse protesters.’ By Milica Stojanovic and […]
Economics
Bill Mitchell – Germany’s sectoral decline and its obsession with fiscal austerity
On Germany’s inexorable economic decline taking the EU down with it. Read HERE
EU politics
Politico: Dockworkers from across Europe gather to plan trade squeeze on Israel
Dockworker unions are fast becoming an important factor in exerting pressure over the war in Gaza. Read Article HERE
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