New hardline Italian finance minister Paolo Savona wants to quit the Euro

Increasing the chances of plunging the EU in crisis the Five Star Movement and League alliance are poised to appoint a new money boss who wants to make preparations to quit the single currency.

 

Their 81-year-old pick Paolo Savona has has described joining the eurozone as a “historic error” and says it is tailor-made for Germany.

The move has sparked fury in Berlin, where the leader of the liberal Free Democrats party urged Brussels to open deficit proceedings against Italy.

Christian Lindner fumed: “For far too long, Brussels has watered down the rules and been guided by political expediency.”

Mr Savona’s appointment would have to be approved by Italy’s europhile president Sergio Mattarella, who is determined to protect the euro.

 

But League leader Matteo Salvini warned him not to block the octogenarian banker from taking up office.

He said: “He is an economist respected in the whole world, but what has he done wrong?

“He has dared to say that the EU as it stands is not working properly.”

Foreign investors hold about £600 billion of Italian debt, with the country’s banks in a precarious position.

Source: Read Full Article