Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

“Italeave” Odds Increase: Rebellion in Italy, Matteo Renzi’s PD Party to Split

IMG Auteur
Published : February 21st, 2017
671 words - Reading time : 1 - 2 minutes
( 1 vote, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Opinions and Analysis

The Financial Times reports on the Rebellion that Threatens to Split Italy’s Democratic Party.

Eurointelligence goes one further and suggests it’s a done deal, not just a threat.

The immediate impact would be a loss of 6 percentage points, or more, support for PD, putting Beppe Grillo’s Five Star Movement solidly in the lead.

24hGold - “Italeave” Odds Incr...

In national polls, the PD is only slightly ahead of the Five Star Movement, an anti-establishment party which has called for a referendum on the euro. Any PD defection could make the difference in the next Italian general election, due within a year at the latest.

In the dissidents’ minds, Mr. Renzi is tilting the PD too much towards the centre in recent years, with reformist, pro-business policies that disconnected the party from the struggles of ordinary people. There are echoes of the message that drove Bernie Sanders’ Democratic primary campaign in the US and Jeremy Corbyn’s rise to the helm of Britain’s Labour party.

Walter Veltroni, who help created the PD as a mesh between former communists and left-leaning former Christian Democrats in 2007, warned that intraparty divisions had always been the “demon” of the Italian left.

But for the PD dissidents, the fault in any split would lie squarely with Mr. Renzi. And most of their fans in Testaccio, are convinced the divorce is inevitable.

“Renzi’s relationship with the country is broken. Globalization makes you feel like you are in the ocean, without seeing any docks, peers or the shore. The left needs to offer protection. People want to swim in a lake,” says Piero Lacorazza, a local politician and environmental campaigner from Basilicata.

Damage Assessment

Via email, Eurointellingence comments that a split is certain, and offers this damage assessment.

La Repubblica reports this morning that Renzi’s most formidable opponents – Enrico Rossi, governor of Tuscany; Michele Emiliano, governor of Puglia; and Roberto Speranza, the former PD leader of the chamber of deputies – co-authored a note last night after the Congress in which they said that Renzi had chosen division.

The split is now a done deal. Corriere della Sera reports that Bersani, Speranza, and other rebels, will not attend tomorrow’s meeting of the PD’s leadership, which will formally set up a commission to prepare for the leadership contest.

One of Renzi’s most quoted statements in his speech to the congress was that blackmail was worse than secession. It was unacceptable for the minority to overrule the will of the majority, he said.

Massimo Giannini, writing in La Repubblica, evokes the film Rebel without a Cause, with James Dean, and we note that is in many ways a fitting description for both sides of the divide in the party. The only certainty that stems from this is the destructive potential. As Goffredo de Marchis writes in La Repubblica: the rebels have altogether 38 deputies in the chamber, the largest part of whom are supporters of Bersani. They have few people in the Senate, but enough to form their group, elect a head for their group, and obtain funding.

An Ipsos poll in Corriere shows that a split of the party would reduce the support for the PD by between 4% and 6%, which would make it a clear second to the Five Star Movement. We think that this poll does not fully capture the dynamics of a split.

Euroscepticism on the Rise

PD is the only major political party that is solidly behind the euro. Moreover, Renzi’s coalition math will plunge with this split.

Numerous hurdles remain in place for Italy to abandon the Euro. Those hurdles include a constitutional referendum and public acceptance, but a clear path around those hurdles is now visible.

On February 3, I wrote Italy Increasingly Likely to Abandon the Euro. This split is another step in that direction.

Whether you label an Italian exit from the eurozone “Italexit” or “Italeave”, those who conclude it cannot happen are barking up the same tree as those who said Trump could never win and Brexit could not happen.

Mike “Mish” Shedlock

Source : mishtalk.com
Data and Statistics for these countries : Georgia | Italy | All
Gold and Silver Prices for these countries : Georgia | Italy | All
<< Previous article
Rate : Average note :5 (1 vote)
>> Next article
IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Leaked Police Report: There Are 23 Muslim-Controlled “No Go Zones” ...
08:56kevthorne
I do not know how anyone could take an article like this seriously. It is garbage of the worst kind. 'Anonymous sources' 'unidentified leaks' - not...
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
23 JunDynoman
Valuable potential is what's currently offered by digital currencies. It makes absolute sense to have a global digital economy based upon borderles...
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
22 JunDavid C.1
Yes Mish, but bitcoin and the wealth and debt burdens of the world are fully backed by electrons which are very light. Unlike that 68 ft glob of m...
Absent Without Leave
21 JunS W.
Bail ins for sure. It was agreed at the G20 in Brisbane. You are not really a share holder. You are an unsecured creditor to the bank a...
Absent Without Leave
19 JunJ.3
Perhaps all the international shenanigans are the smoke and mirrors intended to obfuscate the view of the looming financial catastrophe. When the ...
Gold Price Cuts Post-UK Election Loss, ETF Investors Sell, Nasdaq D...
16 JunSam Maher
"the SPDR Gold Trust (NYSEArca:GLD) – saw its sharpest liquidation since March in the week-ending Thursday, with shareholders cutting the fund's si...
Things To Come
13 Junkevthorne3
If voting for 'parties' actually made a difference they would have not legalised it. Since 1914, it's been the supply of currency that has governed...
Things To Come
12 Jun Roygbiv0
And JHK ruined your life because he then voted for Obamba ? For Jim C.
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS