Gentiloni: “The ballet of the irresponsible against Draghi can cause a perfect storm”
His resignation has caused intense concern in Europe Mario Draghi from Italy’s prime minister leading the neighbor into early elections. At a time when European leaders are being called upon to deal with the Russian invasion of Ukraine, the fallout from the pandemic, and the resulting financial crisis, the experienced former ECB president was seen as essential in dealing with emergencies.
The European Parliament is carefully examining the Italian case: h Irace Garcia Perez, head of the socialists in the European Parliament, expressed “concern about the development of the government crisis in Italy” pointing to “the populists and the European People’s Party as responsible for this situation”.
Höchstwahrscheinlich müssen die Deutschen bald #Italian retten. Dieses Rettungsprogramm wird die griechische Rettungsaktion von vor 10 Jahren wie Kleingeld aussehen lassen. Das könnte der Anfang vom Ende sein. Either von der EU, wie wir sie kennen, oder von #Deutschland. https://t.co/r2sv3OV6jw
—Dr. Gunnar Beck (@gunnar_beck) July 20, 2022
THE Gunnar Beck, A German MEP from the far-right Alternative for Germany party addressed the German electorate on Wednesday with a provocative tweet. “Soon the Germans will probably have to save the Italians. This bailout will make the Greek bailout of 10 years ago look like crap. This could be the beginning of the end. Either for the EU as we know it or for Germany,” Beck argued, referring to the risks to Italian debt sustainability after the fall of the Draghi government.
“The ballet of the irresponsible against Draghi can create a perfect storm. Now is the time to love Italy: difficult months await us, but we are a great country” wrote the European Commissioner for Economic Affairs Paolo Gentiloni in a tweet on Wednesday.
#24luglio. Il balletto degli irresponsabili contro Draghi può provocare una tempesta perfetta. Ora è il tempo di voler bene all’Italia: ci aspettano mesi difficili ma siamo un grande Paese.
— Paolo Gentiloni (@PaoloGentiloni) July 20, 2022
A departure of the Italian prime minister, a “pillar for Europe”, opens a “period of uncertainty”, the French deputy minister for European Affairs said on Thursday Lawrence Boone.
“Italy will enter a period that is likely to be a little less stable than what we have seen before,” Boon, a former chief economist at the Organization for Economic Co-operation and Development (OECD), told France Inter radio station.
“I respect Mario Draghi, who is an excellent political figure, who is a partner for France, we have worked well together, he is a pillar for Europe,” he added.
Draghi decided to go through the exit door after the withdrawal of three parties from the governing coalition.
It is noted that the yield on the Italian 10-year bond jumped up to 19 basis points to 3.58%, the highest level since late June, according to Bloomberg.
– AMPE
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