Italy’s PM Matteo Renzi shows again why the EU will ultimately fail, not least because the last thing they need is Italian banks to fail triggering more disruption in the Mediterranean.
Renzi now calling for tax payers to bail out banks which is against the EU’s latest laws. However he can’t afford to have Italian banks collapse on his watch. Many Italian banks are carrying between 20-50% bad loans totaling €360bn.
Whatever the outcome if Italy defies the EU it only highlights the likelihood of yet more member states raising two fingers at Brussels.
As an economic block the EU makes sense. As a political block it is unworkable in practice. Too many tribes with vastly different cultures, languages, lifestyles and histories to be united.