Three Of Italy's Top Four Political Parties Seek A New Parallel Currency

Tyler Durden's picture

Authored by Mike Shedlock via MishTalk.com,

In a bid to appeal to the growing anti-euro sentiment in Italy, three of Italy’s biggest political parties seek a dual currency.

Italy’s leading opposition parties are calling for the introduction of a parallel currency to the euro, which they say will boost growth and jobs.

 

Three of the country’s four largest parties – the Five Star Movement, the Northern League and former prime minister Silvio Berlusconi’s Forza Italia – have proposed introducing a new currency following an election scheduled for next year.

 

The proposals for a parallel currency have replaced the opposition parties’ previous calls to leave the euro completely.

 

By settling on a dual currency, analysts say the parties hope to appeal to anti-euro sentiment in the country while avoiding, for now, the upheaval of an outright exit.

 

A poll by the Winpoll agency in March showed that only around half of Italians back the euro.

 

As the election nears, and with opinion polls currently pointing to a hung parliament, only the ruling Democratic Party is not proposing changes to the current euro set-up.

Next General Election

The next Italian General Election is due to be held no later than May 20, 2018.

Key Players

  • M5S – Five Star Movement – Beppe Grillo, a comedian. The M5S is variously considered populist, anti-establishment, environmentalist, anti-globalist, and Eurosceptic. The “five stars” are a reference to five key issues for the party: public water, sustainable transport, sustainable development, right to Internet access, and environmentalism. In foreign policy, the M5S has disapproved military interventions of the West in the Greater Middle East (Afghanistan, Iraq, Libya) as well as any notion of American intervention in Syria.
  • PD – Democratic Party – Matteo Renzi, former prime minister. The PD’s main ideological trends are thus social democracy and the Italian Christian leftist tradition.
  • Northern League – Lega Nord – Matteo Salvini. Under Salvini, the party has emphasized Euroscepticism, opposition to immigration, and other “populist” policies, while forming an alliance with nationalist and right-wing populist parties such as France’s National Front, the Netherlands’ Party for Freedom and the Freedom Party of Austria at the European level.
  • Forza Italia – Forward Italy – Silvio Berlusconi, a four-time Prime Minister. Under Berlusconi, FI’s long-time coalition partner was Lega Nord.

Silvio Berlusconi is prone to flip-flops and would likely do anything if it brought him back in power. However, PD + FI will likely not come close to 50%.

Early Elections?

On May 30, Bloomberg reported Italy Moves Toward Early Vote as Election Law Deal Nears

Italy’s biggest parties are considering a proportional system similar to the German model with a 5 percent cut-off for smaller parties, and lawmakers are due to discuss a first draft of the new law early next month. An agreement would remove any hindrance to snap elections, eliminating the need to wait for scheduled elections in early 2018.

 

Ultimately, it’s up to Italian President Sergio Mattarella to make the call on when to dissolve parliament. According to Italian newspapers including Corriere della Sera, Mattarella would prefer to let the government of Prime Minister Paolo Gentiloni, 62, a soft-spoken diplomat and Democratic-Party ally of Renzi’s, stay in power until next year.

 

While an early vote would put an end to a legislature that already saw three governments in power amid palace coups and constitutional-referendum defeats, a proportional system runs the risk of producing a hung parliament. An election this year would come at a delicate time for Italy, with its banking woes unresolved and the budget law for 2018 still to be approved.

 

The proposed new law “would likely not facilitate an outright victory by one of the three major political groups” resulting in a hung parliament, said LC Macro Advisers Ltd. founder Lorenzo Codogno who sees the likelihood of early elections at 60 percent.

That deal fell and I can find no other recent references regarding early elections.

Left Crumbles

On June 26, the Guardian reported Italy’s Centre-Right Wins Big in Mayoral Elections as Left Crumbles

An alliance of Silvio Berlusconi’s Forza Italia party and the anti-immigrant Northern League won 55% of the votes in Genoa, the northern port city that was a leftwing stronghold but which the right will now govern for the first time in more than 50 years.

 

PD leader Matteo Renzi, 42, who has been seeking to make a comeback since stepping down as prime minister in December, was the clear loser in Sunday’s vote.

 

The centre-left has governed Italy for four years, during which time the economy grew by only half the eurozone average. Three different PD premiers have struggled to shore up a banking system strangled by bad loans, and to manage half a million migrants who came by boat from north Africa.

 

Sunday’s vote – the second round for cities where no one candidate won more than 50% two weeks ago – is one of the last before a general election due by the end of May 2018, but it may not be a reliable indicator of what will happen then. The first-past-the-post voting system used at the municipal level, which favours coalitions, may not be replicated at a national level, where a proportional system is now in place.

 

Genoa is the latest of a string of defeats in the PD’s traditional strongholds. Last year it lost Turin, Italy’s fourth-largest city, and the capital Rome, both to the Five Star Movement (M5S), which was founded only eight years ago.

 

M5S, which opinion polls say is slightly more popular than the PD nationwide, performed very badly in the first round of voting on 11 June and made the run-off in only one of the 25 largest cities. It added eight mayors to its modest tally.

 

“We now have 45 mayors, up from 37 before, which is an increase of 20%,” M5S founder Beppe Grillo said on his blog. “Every damned election we are growing and that is what counts.”

Two Things

M5S, NL, and FI appear likely top a combined 50%, perhaps easily. That does not necessarily mean a coalition will form.

The two things and possibly the only two things that unite the Five Star Movement, the Northern League, and Forza Italia are a desire to crush Matteo Renzi and a desire to get Italy off the Euro.

And when it comes to Berlusconi’s views on the euro, one has to question his sincerity. He has changed his position many times.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
GoyimUprising's picture

It's called $BTC, $ETH and $LTC.  BTFD!

Manthong's picture

 

If the stupid shits are depending on bank currency… they deserve to be bitch-slapped big time.

Get the currency away from the banks.

 

07564111's picture

you can't say that !!! that's bad talk !!! bad antisemitic talk !!! you'll get yourself a visit talking like that ;)

Manthong's picture

oy vey.....

turn away from the old way temple money changers  and towards Christ....

get religion

I am not hugely religious butt I know where the worship of money emits from.

Conscious Reviver's picture

Oy vey? oy vei, oy gevalt, mishigene mentshn - YouTube

Thanks dirtball. Note - Not calling anyone a dirtball. Thanking the dirtball.

secretargentman's picture

Instead of marijuana coin, they should have named it "Tokin' token". 

MK13's picture

Five star movement - Italy is such a wasteland that they demand public water? Ay, mamma mia, where is Mussolini when you need one?

Mr 9x19's picture

 idiocy, any other currency would have parity or be indexed on dollar or EURO.

it is not good, you have to end the euro, it is a monster that is bringing europ in flame.

Rebelrebel7's picture

They should issue 5 pointed star coins, so that they can be thrown as daggers in self defence.

MonsterSchmuck's picture

"Give me control of a nation's
money and I care not who
makes the laws."
M. Rothschild

Trying to escape their grip?
Good luck.
I seriously hope you Italians
Or anyone for that matter
can pull it off.

joego1's picture

If all of the humans in the planet woke up one day and rejected fiat the human race could advance.

JamesBond's picture

Italy cannot escape its debt.

joego1's picture

It will default in one way or another like all of the other countries in the world

GoldenDonuts's picture

Italy has plenty of gold to back a new curency.  The only problem with that is that they would have to then run a fiscal and trade surplus.  Or at least not spend more than they create.  Won't happen.  Funny thing is that Italians know that or they would have left the Euro by now.

All of Europe will escape the Euro at exactly the same time.   When Douche bank blows up.

yvhmer's picture

May be, it depends on the way their Euro's have been obtained. I would not be surrised if all that shiny ancient relic material has been formally handed over to the ECB, and perhaps even the ESM, the above the law European Stability mechansim, which cannot be charged, who's officers have immunity, and can claim any amount from of of the 27 EU members, payable within 7 days after the amount is claimed.

Cheers

sinbad2's picture

Half the Italian gold is in New York, it's long gone.

sheikurbootie's picture

Italy exit has been promised for nearly a decade and nothing ever fucking happens.

MK13's picture

Nothing has ever happened in Italy since fall of western Roman Empire. And that was bad enough - no more free bread and free Olympics for citizens ended.

Italy has been going down the tubes since then. Italians want more free crap - and leaving euro will not give them that - so no eurexit - more free ECB purchases please;).

yvhmer's picture

I would beg to differ. ...Renaissance? Does that mean anything to you? Machiavelli? Michelangelo? Leonardo da Vinci? Marco Polo> Venetian Republics? Emperor Barbarossa crawling on his knees to Canossa, to suck Papal dick? Though what the pope did there with countess Mathilde......

Free stuf? Tum podex carmen extulit horridulum, amice. You should really visit Italy a bit longer, one day and then tell me who are beggers for free stuff. 

 

ebworthen's picture

But will the trains run on time?

DistortedPictures's picture

Key Players

  • M5S – Five Star Movement – Beppe Grillo, a comedian. The M5S is variously considered populist, anti-establishment, environmentalist, anti-globalist, and Eurosceptic. The “five stars” are a reference to five key issues for the party: public water, sustainable transport, sustainable development, right to Internet access, and environmentalism. In foreign policy, the M5S has disapproved military interventions of the West in the Greater Middle East (Afghanistan, Iraq, Libya) as well as any notion of American intervention in Syria.
  • PD – Democratic Party – Matteo Renzi, former prime minister. The PD’s main ideological trends are thus social democracy and the Italian Christian leftist tradition.
  • Northern League – Lega Nord – Matteo Salvini. Under Salvini, the party has emphasized Euroscepticism, opposition to immigration, and other “populist” policies, while forming an alliance with nationalist and right-wing populist parties such as France’s National Front, the Netherlands’ Party for Freedom and the Freedom Party of Austria at the European level.
  • Forza Italia – Forward Italy – Silvio Berlusconi, a four-time Prime Minister. Under Berlusconi, FI’s long-time coalition partner was Lega Nord.

M5S= Also trying to introduce UBI with no, repeat, no fucking money.  M5S= Communism. 

PD= Status Quo. 

Lega Nord= Hated by most.  Salvini is a fat pig. ( I agree on some issues but they just do not have the organization).  Too much anger, no balls and no political intelligence.

Forza= How old is Mr. Berlusconi?  Too much baggage.

 

In conclusion, same shit, different day.  Wasn't ZH claiming the end of Italy after the referendum also? 

Obsidian Samctum's picture

Lol italy charges people $30,000 for something that cost $100 to make. When people realize this, they'll go bankrupt.

sinbad2's picture

A Rembrandt is probably worth 5 bucks in materials, but will cost you 30 million.

People are willing to pay for beauty style and excellence.

Grandad Grumps's picture

Good for Italy. Like Hungary, Poland and the Czech Republic.

webmatex's picture

An alternative currency implies not accepted by banking system - so maybe a good idea and certainly a horror for the ECB etc.

Given the choice i would use it just to avoid banks and tax and keep the currency within the local community.

RabbitChow's picture

US Dollars!  All those worthless bucks have to wind up somewhere!

Making Merica Great Again's picture

Monero yes, rest are scam. Especially bcash.

Trisy's picture

That's the Italians feeling, means that the politicians declarations are FAKE.

M5S is like a flag, where the winds go they turn, and we must remember the presence of his Leader, Grillo, with Soros over the Britannia's panfilo!

LN his Leader kissed the hands of the devils in Israel... Is barking but is docile.

FI, or Berlusconi for Italy, is the only hope ????but lady Merkel is a very friend of lady "drone" Clinton... Very dangerous, he must be very brave...means to believe in the eternal life instead temporarily one!

LeavItaly can't happen if from above they don't want it to happen!

PS: PD party can be renominated as NeoCon PD!

aldol11's picture

brilliant

the eu is finished 

gdpetti's picture

Perhaps, but so are most others... which is why they've been testing their cryptos lately, to setup a unified digital SDR crytpo....for their NWO.... if they succeed... which is in question. Meanwhile, as others have said, they should return to the Common Market in Europe, but the deep state/SG doesn't want that, which is why they don't like real elections..... makes they fearful of results not to their liking... and it's so much work to stuff all those ballot boxes.... look at what happens when they don't stuff the enough - Brexit.... but when they do - Scottish Referrrendum - it encurs costs.... takes time.... makes them angry that their propaganda isn't working like it used to.