Executive Intelligence Review
Subscribe to EIR

PRESS RELEASE


Anti-Euro Sentiment Is Sweeping Italy

May 18, 2012 (EIRNS)—More and more leading economists in Italy are coming out for that nation leaving the Eurozone, if it wants to create the conditions to actually recover from the accelerating financial and economic collapse. Among them in recent days have been:

  • Paolo Savona, head of the Interbanking Deposits Guarantee Fund, gave an interview to the online daily Ilsussidiario.net on the issue of whether Italy should stay in the euro or leave the euro, which was published May 17. He said "if the EU does not change the operational conditions of the ECB, by expanding its competences to sovereign bonds and exchange rate, and by assigning the ECB the task of helping in development policies ... and does not implement a compensation policy for those regions which are disadvantaged by the non-optimum nature of the Eurozone, then it is convenient to leave the euro." He then went through the technical preparations that should be made.

  • Loretta Napoleoni, an economist, in a new article posted on www.cadoinpiedi.it May 17, insists that "we will get out of the crisis when we get out of the euro. Therefore, paradoxically, an implosion of the euro [caused by the Greek exit—ed.] would be beneficial, because it would put an end to this long and most painful agony. Sure, the consequences will be disastrous, there will be a contraction of the economy which will last several months. At one point, however, we will reach the bottom and from the bottom we will start up again. Now, instead, we are in a free fall in a bottomless black pit."

  • Member of the European Parliament Francesco Speroni, leader of the Lega Nord faction, gave an interview to the site eunews.it in which he says, the euro has failed and we need to go back to national sovereignty.

This motion is supplemented by ongoing promotion, by the LaRouche movement and others, of the adoption of the Glass-Steagall standard, and a new credit system.