Five Star and Lega Ask ECB to Cancel €250 Billion in Debt!

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Published : May 16th, 2018
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Category : Crisis Watch

An agreement reached today between M5S and Lega contains an explosive request: Debt Cancellation!

Rumors last night the coalition was about to collapse seem to be false. Explosive details emerge today as noted in these Tweets.

Details

  1. Five Star and the League expect the ECB to forgive 250 billion euros in Italian bonds bought via quantitative easing, in order to bring down Italy's debt
  2. The two parties want to re-open European Treaties and to "radically reform" the stability and growth pact. The coalition would also want to reconsider Italy's contribution to the EU budget.
  3. According to @HuffPostItalia, the 5 Star/League draft agreement would include an opt-out mechanism to leave the euro in an "agreed manner" were there to be a "clear popular will" to do so.
  4. The draft document says Italy should stay in Nato, but asks for an immediate withdrawal of sanctions vs Russia, so that Moscow can return to be a "strategic partner" in conflict zones
  5. According to @HuffPostItalia, the 5 Star/League draft document says there would be a "flat tax"... but with several tax rates and deductions
  6. taly's pension reform would be dismantled: workers would be able to retire when the sum of their retirement age and years of contribution is at least 100.
  7. The draft coalition agreement of a 5 Star/Lega government leaked to @HuffPostItalia calls for a revision of the Dublin regulation on immigration and for compulsory relocation of asylum seekers across the EU

This cannot possibly fly, but that's the platform.

Source : www.themaven.net
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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
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