In late April, the Italian government issued guidelines for the reimbursement — up to an amount of €200,000 — of depositors and owners of subordinate bonds who were unlawfully “bailed-in” in the past years. The measure, which is to be financed with €1.5 billion over three years, applies to customers of two Veneto banks, Banca Popolare di Vicenza and Veneto Banca, liquidated in 2017, and four banks in central Italy — Banca Etruria, Carife, Banca Marche and Carichieti — liquidated in 2015.
If too hard-pressed, the Italian government could play the Glass-Steagall/bank separation card, as financial meltdown threatens.
The Italian government announced on Sept. 27 a 2.4% deficit to GDP for the next three years to finance growth, which is three times higher than that planned by the previous government. The increase is expected to result in a GDP growth of at least 1.5% in 2019.
On May 27, in Rome, the “populist” government put together by M5S and Lega, the two parties that had won the parliamentary elections, was rejected, in what can only be called a cold coup. The coup was executed by State President Mattarella, but the real string-puller is the ECB. Thus, the oh-so-democratic European elite has once again made perfectly clear that if they are not satisfied with the choice of the voters, they will disregard it!
EU Commission head Jean-Claude Juncker boasted in his Sept. 13 speech on the “state of the union” that “almost 8 million jobs” had been created during his mandate so far. In reality, Eurostat figures show that real unemployment in the EU is 20% on average, with Italy up to 35%, as economist Alberto Bagnai has earlier reported.