Beppe Grillo: "Italy Is Already De Facto Out Of The Euro"

Tyler Durden's picture

In a preview of an interview he will conduct today with German's Handelsblatt, the surprise winner of last month's Italian elections Beppe Grillo said that Italy is “already de facto” outside the euro and runs the risk of being “dropped” by the region’s wealthiest members as soon as their banks recoup what they invested in the nation’s bonds. His suggestion - the same that got Greece's G-Pap promptle sacked in late 2011 - a popular referendum to decide if Italy should remain in the Eurozone. Grillo's best line, however, was saved for Mario Monti: "he is a bankruptcy trustee on behalf of the banks" which is perhaps the most astute description we have read of the former Goldman operative ever. Still think Grillo is just a simple-minded comic with a penchant for anarchy?

From Handelsblatt:

The Italian politician and surprise winner of the last general election, Beppe Grillo, does not believe the fate of Italy is to remain in the Euro-zone. "In fact, Italy's already out of the euro," said the leader of the party "five stars" in an interview with the Handelsblatt. He believes that the Nordic countries would keep Italy only so long, "until they have taken the pure investment banks in their Italian bonds again. Then they will drop us like a hot potato."


Grillo sketched a popular decision on the euro. It has to pass an exit from the euro but "not alone" but would "make an online referendum on the euro." Just as on the Lisbon Treaty. These are "all issues on which our Constitution was ignored".


Interview Grillo expected sharply with the current Italian Prime Minister Mario Monti. This was "a bankruptcy trustee on behalf of the banks. Held up at the top earners and cut the state system, he has the people below paying higher taxes. "


Grillo sees itself not as anti-European. "Europe must not be afraid," he told Reuters in an interview. He asked, however, a strong reversal and "more democracy." For his party, he takes to claim. "We are the French Revolution - without guillotine" Europe needs a "Plan B," says the Italian politicians.


"We must still ask: What happened to Europe? Why do we have no common information policy, no joint tax policy, no common policy of immigration? Why has only Germany been enriched?"

All very good questions which Italy's population will be increasingly seeking to get answers for.

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Desert Irish's picture

Vox Populi....


Isn't democracy a bitch....

Buckaroo Banzai's picture

"We must still ask: What happened to Europe? Why do we have no common information policy, no joint tax policy, no common policy of immigration? Why has only Germany been enriched?"

Anybody else see the problem with this? Are we sure this guy isn't an NWO wolf in populist sheep's clothing?

N. B. Forrest's picture

I don't know if he's bad or good, but I do know that he had better get a platoon of body guards along with a food and wine taster. 

BoNeSxxx's picture

I swear if he dies from a self-inflicted gunshot wound to the back of the head....

Well, I am just going to kill myself.  Probably by shooting myself in the back of the head.

NotApplicable's picture

The only difference I see by Grillo's election is that "they" can now finish off their destructive schemes in Italy and blame the whole mess on him. If they kill him, then there's a much bigger mess to clean up, and I doubt they're ready to collapse the whole world, just yet. After all, there's still many collateralized assets left to steal.

As always, it's about behavior at the margins.

Then again, perhaps "they" are on the margin themselves, and will use Grillo as the proverbial "Shot Heard Around the World 2.0?"


RuiNsPro's picture

Quote:"Why has only Germany been enriched?" 

Maybe it's b/c Germans are willing to work.

Lord Blankcheck's picture


Excellent documentry about Iran/Contra "drug war"

john39's picture

talk of increased Euro integration should certainly raise suspicion...   be careful looking for a savior, the NWO is always too happy to set up a bait and switch.

Muessin's picture

Adding up my two cents - by asking "Why has only Germany been enriched", he gives the (bad) credit to the wrong entity here - Germans are not rich, German corporations may be rich on paper, but Germans are not rich - the German government as agent of their people is underwriting massive debt securities and is heavily indebted = not rich. At least not in my world, or am I wrong?

But Grillo tries to direct the anger into national territories within Europe instead of concisely sticking with his (righteous) narrative of the (super-national) bankster class draining the European people, and all the rest… as a political phenomenon he may add a good charge to the game - but as a poliitician I see room for improvement…

caconhma's picture

After Grillo make Germans very angry, things will start rolling. Once again, the zionist banking mafia will get big problems.

Hitler was a great preacher but was a very lousy politician. He tried to fight the City Jewish Banksters and be a good friend with the British government owned by these banking gangsters. No wonder he lost big.


Pseudo Anonym's picture

i think you're wrong

government as agent of their people

government is always an agent for its creditors, not its people.  it may happen that in some rare cases its own people are creditors; but more often than not, the creditors of governments are a few banking families who own the central bank

Muessin's picture

The narrative of any serious government always begins with "In the name of the people…" thus claiming their people's agentship - and most of them believe it too… but you do of course make a point: "by their deeds, and not their words, you shall…" how does the saying go?

To my knowledge the Bundesbank is not a privately owned central bank.

On that note, everyone in the internet seems to assume, that the ECB is a privately owned bank - which I have never seen real proof of - my own (poor) research had me conclude that the Euro zone member's central banks own the ECB - and some of those are (more or less) privately owned.

Is there a reliable source that actually exposes the private influence in the ECB?

BoNeSxxx's picture

Excellent observation Buck but somehow I don't see him calling for a politically united EU.  It just doesn't stem from his primary rant.

That said, if it suddenly becomes his 'a-ha' solution to it all, well then we have finally outed MDB :-)

zorba THE GREEK's picture

Does this mean Al Franken will run for president ?

akak's picture

I think I just crapped my pants a little after even imagining that.

mjcOH1's picture


But Frankin will loose the nomination to Joe Biden before joining the ticket as Biden's  vice presidential running mate.....


SilverIsKing's picture

Does one order white or red wine with the Beppe Grillo?

Oracle of Kypseli's picture

Good one!

"Beppe Balls Italien" may be the next serving for the northern European banks.  

noses's picture

White. Everything else would be too heavy for roasted Clownfish.



NotApplicable's picture

Forget your sarc tag? Or are you really that delusional?

Oh wait, you're one of those accounts that exist here for nearly a year before ever posting anything.

Fedgov is gonna need better sock-puppet software it appears.


bania's picture

He's not joking.

tickhound's picture



FORZA BEPPE, bitchez.

buzzsaw99's picture

omg a straight talker

Lets_Eat_Ben's picture

"Time for your cancer treatment BG."

GetZeeGold's picture



Central Bankers are licensed to practice medicine in Italy?

Pseudo Anonym's picture

yes, practice and administer

jusman's picture

Even Jack Layton in Canada died from cancer of the pelvic area (subsequent to prostate cancer which is generally curable).  This after the "Orange Wave" took Quebec for the left.  Chavez.  I am not paranoid but your comment may not be far off the mark...


McMolotov's picture

If you're not paranoid, you're not paying attention...

Pegasus Muse's picture

The legacy of George Carlin lives in Beppe Grillo.

Every notice?  Comedians generally speak the truth while Politicians and Banksters invariably prove themselves lying, thieving bastards.

kridkrid's picture

Kind of. They can be co-opted just like anyone else.

They_Live's picture

Hence the court jester employed by kings of old. Shakespeare shows the fool issuing advice other men fear to give.

N. B. Forrest's picture

Kind of like the fools in the ancient royal courts.

Scro's picture

Al Franken? He is as dumb as a rock but totes the party line.

kridkrid's picture

Good example. Same is true of Stewart and Colbert (party line... not dumb as rocks, I don't think). They both speak truth to power, but very selectively. They are like cattle dogs. All mainstream media is propaganda, only it's more sophisticated than the propaganda back in the day. The goal is to keep people equally divided.

realtick's picture

waiting for ZH exclusive interview - make it happen

fudge's picture

dead man walking , so it better be quick.

SteelRust's picture

Afraid so. In the mean time the "character assassination" of Grillo and its M5S is already well under way in Italy, both in the mainstream Italian media and through the astroturf posting on every and each blog entry that speak well of the M5S.

As, BTW, is at risk too mr Crocetta, the just elected governor of Sicily (that lead a regional parliament of center-left with the external support of the M5S) for his opposition to the American military Muos (Mobile User Objective System) installation... :(

fudge's picture

Mr Crocetta

yeah,and it's hardly mentioned in most news sources,,,always nice to see some people put a stick in the spokes :)

I'd be carefully checking my HDD if I was him,never can tell when pics of young boys might magically appear ;)

Good luck to the guy.


Escapedgoat's picture

The Greek MSM are doing far better job, than the Italian MSM, by excluding EPAM Movement. Which is advocating to leave Europe, Let The Banks Collapse (Icelandic Model here) ,by asking all of the Monies back given to them and Guarantees. Liberating the Central Bank of Greece (nobody knows  who it Belongs to, UTTER SECRECY here) by Nationalising it. and Worst of all its General  Secretary is Dimitris Kazakis, an Economist that knows the system very well, top Analysis on a daily basis.

ItsEvolutionBaby's picture

Get on to this Tyler. Of all people you (team) will ask the right questions. I'm sure he's got time for the best financial blog in the world.

spanish inquisition's picture

"We are the French Revolution - without guillotine"

Looks like he has a flaw in the plan to me.

Desert Irish's picture

yep.....fuck it then we'll take your handle and just burn them at the stake

falak pema's picture

Hey, french revolution July 14, 1789.

Dr Guillotine invention first used : by Sanson the barber of the revolution in 1793.

« Soyons terribles pour dispenser le peuple de l’être », s’exclame Danton au cours des débats. Robespierre, de son côté, écrit sans ambages : « La Terreur n’est autre chose que la justice prompte, sévère, inflexible : elle est donc une émanation de la vertu »73. Le premier exécuté de ce tribunal est Louis Guyot des Maulans, gentilhomme poitevin, arrêté le12 décembre 1792. Jugé le 6 avril suivant, il fut exécuté ce même jour, et, comme l’heure était tardive, à la lueur de quatre douzaines de flambeaux74, recréant la magie nocturne des premières décapitations politiques. Mais c’est le parti des Girondins qui fera principalement les frais de cette recrudescence. La loi de modification de ce tribunal en date du10 juin 1794 (22 prairial, an 2) va simplifier et donc accélérer les procédures. Cette loi fut impopulaire et les députés de la Plaine demandèrent instamment qu’elle fût rapportée. Le tribunal qui avait prononcé 1231 condamnations à mort du 6 avril 1793 au 10 juin 1794 en a prononcé 1376 du 11 juin 1794 au 27 juillet 1794« La sévérité n’est redoutable que pour les ennemis de la liberté », déclare encore Robespierre75.

You get the flavour of the revolution right there, like the smell of hot, fresh cawfeeee! 

akak's picture


Le premier exécuté de ce tribunal est Louis Guyot des Maulans, gentilhomme poitevin, arrêté le12 décembre 1792. Jugé le 6 avril suivant, il fut exécuté ce même jour, et, comme l’heure était tardive, à la lueur de quatre douzaines de flambeaux

(In English: "The first executed by this tribunal is Louis Guyot des Maulans, a gentleman from Poitou, arrested the 12th of December, 1792.  Sentenced on the following 6th of April, he was executed the same day, and, as the hour was late, by the light of four dozen torches".)

Sounds like a combination of some good ol' Nazi instant 'justice' and a pre-WWII Nuremburg Rally.  Charming.

Pseudo Anonym's picture

they didnt have drones back then

swissaustrian's picture

I think Grillo doesn't understand the implications of the Target2 system. A breakup of the Eurosystem is much more expensive to Germany and the banks than to cause massive wage deflation and GDP shrinkage in the PIIGS. Eventually Germany will have to engage in some kind of transfer union whether they'll call it what it is or not. The political elites of Europe are also so closely tied to the Euro-project that they won't allow any step back.

The only solution therefore is, sadly, revolt and violence. And that's what I'm expecting in the not so distant future

Ghordius's picture

excellent comment, but imho flawed on several points

about TARGET2 with a Greek example (take Italian, if you prefer) - (first time I prepared a comment)



Assume a Greek citizen with a bank account in Greece. He closes that account and transfer it to his bank account in Germany. This transfer is debited from his  Greek bank account with the Bank of Greece and then credited to his German bank account.


As each euro in the national banking system is a liability for the respective national bank, the liabilities side of the Bank of Greece’s balance sheet is then “too small” and that of the Bundesbank’s balance sheet “too large”. TARGET2 balances adjust for these discrepancies: the Bundesbank holds a claim against the ECB as an asset; the Bank of Greece has a liability of the same amount vis-à-vis the ECB.


It's nevertheless still a Greek national holding euros - in the German banking system instead of the Greek one. Though of course this lead to extra-eurozone banks - like those in the UK - to shout first "Bank run!" and then "Redenomination risk!" And then grumble on because nothing is breaking the way they could profit from it.


Just to complete the view, btw, European Union members that are not part of the Euro area have to repay net outflows at the end of each business day, i.e. they can never accumulate negative TARGET2 balances. For example, following a large scale outflow of capital from Denmark to the Euro area, the Danmarks Nationalbank would either use euros from its reserves or issue kronas to buy euros on the foreign exchange market in order to net these outflows.


So yes, if Greece would be outside of the eurozone it would needed euros to buy back drachmas - and so increasing the run of FX/funds outside of Greece. Shorting the drachma would then be a child's play, particularly thanks to it's small size. The Greek economy would then experience an increasing dearth of credit while prices would double - perhaps eventually in short period of times, leading to increases to wages - in drachmas.


Yes, the debt - if denominated in drachmas (something British and other creditor banks campaign to avoid) - would dwindle away. Nevertheless, I ask you: if this is the path to prosperity, why do countries like Argentina not prosper from it?

Again, the EUR is working as designed. Leaving the eurozone is easy - facing the consequences, including funding external needed resources as oil, a more thorny issue. All the eurozone countries have the choice to exit it and so enter the great dollarzone - or peg (IF they have FX-reserves or gold) to the EUR and be monetary eurosatellites, like Denmark or Switzerland. Or drop in the abyss.


In the above case it's still a Greek national with his euros in a German bank. If some Greek bank gets his trust and he shifts his euros there, his portion of the T2 imbalance reverses. Of course if he would bank in London or NY, then no T2 balance would be affected, so perhaps that's the whole problem, eh? (Damn Greek should stop trusting the German and trust more the British and American banks./s)


the only thing that changes in the above example is the size and composition of the Italian debt and it's creditors, as well as the size of the Italian economy versus the Greek (and the important fact that Italy can achieve balanced budgets)