As French troops mass on the Italian border, so to speak, Italy appears to be one of the few countries in the EU with some common sense.
Why does it take people from Lega and Five5star (of all institutions) to point out what damage those two clowns Jean Claude Drunker and Donald Trump are doing to the process of Brexit?
From the Telegraph:
Italy explores its own bilateral Brexit deal with Britain as its economic crisis nears danger level
Italy is drawing up emergency plans to safeguard financial stability and keep trade with the UK flowing even if there is a no-deal Brexit, if necessary through a bilateral deal between Rome and London.
The country’s insurgent Lega-Five Star coalition is increasingly worried that a mishandling of the EU’s Brexit crisis could push Italy's fragile economy into a dangerous downward slide and risk a funding crisis for its sovereign debt at a treacherous moment.
Premier Giuseppe Conte has told his Brexit Task Force to focus urgently on ports, airports, customs, and the handling of food trade, as well as the status of Italians living in the UK.
Palazzo Chigi, the prime minister’s inner machine, is exploring what Italy can do under its own authority to defuse the stand-off with Britain. While this is relatively straightforward for issues such as citizens’ rights, it is unclear how it would work in trade and finance where the EU sets the rules.
Both the Lega and Five Star movement have Eurosceptic roots and are irked by the Brexit strategy of the European Commission, seen as rigid, ideological, and potentially explosive.
“We want the closest possible bilateral ties with the UK and certainly don’t agree with any idea of punishment. You are our customer,” said Claudio Borghi, the Lega’s economics spokesman and chairman of the budget committee in parliament.
“Unfortunately we are not in charge of Europe, at least not yet,” he said.
It is a perilous time for Italy. The economy is in a protracted recession. Risk spreads on its 10-year bonds are again nearing the threshold of 300 basis points, the level where trouble has begun in the past.
The country’s financial system depends on the City of London for global funding of its bond markets. “Great Britain is in a sense Europe’s investment banker,” said Confindustria, Italy’s business federation.
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“What worries us about Brexit is that exporters in the rest of the world will come in and undercut us. This is what happened after the Russia sanctions in 2014. The Turks grabbed our market share,” he said.
Coldiretti is concerned that suppliers in places such as South Africa, Kenya, or parts of Latin America will suddenly gain an edge in UK supermarkets.
If the UK were to opt for unilateral free trade to keep ports open in a no-deal scenario - as has been floated by Trade Secretary Liam Fox, at least as a temporary measure - it might lead to an irreversible loss of UK market share for Europe’s high-cost producers.
https://www.telegraph.co.uk/busines...ilateral-brexit-deal-britain-economic-crisis/
Woops. There I go again, mixing people up. This time the two Donalds, Trump and Tusk. One is a rude, arrogant tweeter… and so is the other.
The EU must envy the Americans though. At least the latter get the opportunity to vote their Donald out in a couple of years. No such democratic process exists in the EU of course.