Five Star And Lega Ask ECB To Cancel €250 Billion In Debt!

Authored by Mike Shedlock via MishTalk,

An agreement reached today between M5S and Lega contains an explosive request: Debt Cancellation!

Rumors last night the coalition was about to collapse seem to be false. Explosive details emerge today as noted in these Tweets.

Details

  1. Five Star and the League expect the ECB to forgive 250 billion euros in Italian bonds bought via quantitative easing, in order to bring down Italy's debt

  2. The two parties want to re-open European Treaties and to "radically reform" the stability and growth pact. The coalition would also want to reconsider Italy's contribution to the EU budget.

  3. According to @HuffPostItalia, the 5 Star/League draft agreement would include an opt-out mechanism to leave the euro in an "agreed manner" were there to be a "clear popular will" to do so.

  4. The draft document says Italy should stay in Nato, but asks for an immediate withdrawal of sanctions vs Russia, so that Moscow can return to be a "strategic partner" in conflict zones

  5. According to @HuffPostItalia, the 5 Star/League draft document says there would be a "flat tax"... but with several tax rates and deductions

  6. taly's pension reform would be dismantled: workers would be able to retire when the sum of their retirement age and years of contribution is at least 100.

  7. The draft coalition agreement of a 5 Star/Lega government leaked to @HuffPostItalia calls for a revision of the Dublin regulation on immigration and for compulsory relocation of asylum seekers across the EU

  8. The draft coalition agreement of a 5 Star/Lega government leaked to @HuffPostItalia calls for a revision of the Dublin regulation on immigration and for compulsory relocation of asylum seekers across the EU

This cannot possibly fly, but that's the platform.

Yesterday, Italian President Sergio Mattarella warned Lega and Five Star against an anti-EU platform.

Last night, there were rumors the coalition would collapse.

Today we see this agreement as outlined on Huffington Italy and as described above.

Addendum

Ferdi Guigliano who made the above translations now posts this:

I do not know what the revised deal includes.

Addendum Two

Draft confirmed except for exit of Euro

PD calls proposal irresponsible

Comments

Ital Scratch Wed, 05/16/2018 - 05:07 Permalink

Italy's pension reform would be dismantled: workers would be able to retire when the sum of their retirement age and years of contribution is at least 100.

 

Live till 99 and work for 1 year seems like a win. Then retire at 100 to receive pension till 120. This would be even better with life-prolonging drugs. 65+35 is also doable.

 

 

Tarzan Four Star Wed, 05/16/2018 - 05:45 Permalink

I guess rule 8 was for emphasis?

While the CBs are at it, maybe they could forgive all debt, return everything to square, and start over with a world currency that will double as a slave monitoring system?

They've already established the power to make it unlawful to NOT purchase Insurance.  If they can tell us what we're going to buy, it's only a little slip away to demanding we all us the same currency to buy and sell, across the globe.

And once they've got the whole world owing them more then anyone could ever repay, the pleebs will rush into their "solution", thanking them for forgiving the debts they forced on the world, and lapping up the new tracking devices called "money".

In reply to by Four Star

JimmyJones Tarzan Wed, 05/16/2018 - 06:20 Permalink

Haha you mean Italy you want a debt that was created out of nothing but requires labor to generate the "money" to pay back it wiped away? Ahahah. You can't be serious. Notice the scam the Private bankers have going with Fiat currency here? They create it out of nothing, via a power granted to them by the Govt but you have to do something (labor) to return it to them. 

In reply to by Tarzan

zvzzt ArgentoFisico Wed, 05/16/2018 - 07:25 Permalink

Well they do need to print the 250b because the ECB needs to warm up the presses for the Deutsche Bank fiasco that's around the corner... 

Interesting times... I say the 250 might actually be forgiven in some form (DE needs some goodwill for it's own problems later on and without IT the whole EU will disband quickly, which is not in DE's interests (near term anyway)). 

In reply to by ArgentoFisico

ArgentoFisico zvzzt Wed, 05/16/2018 - 07:59 Permalink

It’s even in the sites of some central bank: they do NOT count the debt they have monetized. Magic!? Yes, call it magic, but i do not see why people should be taxed to death to pay interest on that debt if the CB has already bought it. ... perhaps... the CB works for some one who’s NOT the people? ;D

In reply to by zvzzt

Offthebeach HenryKissinger… Wed, 05/16/2018 - 05:30 Permalink

Well, it was German workers money.  Emphasis on was.  

Then you, or loving representatives gave it away.  Bye bye.  Gone.  Phffts.

Of course there was a story, song and dance, about it coming back, and more.  It was nice story.  Clear, simple, logical, paperwork, worked in the past...

So not only did you work, for years, through those glum winters, years of your youth never, ever, to return, but you built cars, and chemicals, and medical equipment ....and sold it away, paid for by your own savings...thats not coming back.

But hey, the German elite are fat, happy and rich, and the Italian elite are fat, thin and happy, and they're telling German worker slaves, and Italian debt slaves to not to worry, their is a secret plan, everything will ve great( not today or tomorrow, but in the future) and...just keep slaving away, sacrifice ....

Old story

In reply to by HenryKissinger…

Faeriedust Offthebeach Wed, 05/16/2018 - 06:04 Permalink

I think you've got it.

There's nothing the matter with working hard and long to build a good life.  Despite what propagandists would have you believe, most people are perfectly willing to work -- if they will see the rewards of their efforts.

People become lazy and unwilling to work when they see that all of their effort goes to enrich somebody else who gets richer and fatter while they work themselves into the grave.  They may never revolt with fire and fury.  But they damned well quit working like hamsters running on a wheel.

This leaves the PTB at a quickly-escalating impasse:

1) Their Almighty Profits and thus their fortunes and comfortable lifestyles depend on continuous economic "growth".

2) You cannot have infinite growth fixed to a finite sphere.

3) As material resources are utilized and limitations on input arise, the only way to continue said growth is by squeezing more WORK out of the peasantry.

4) As the peasantry realizes that they will NEVER be allowed to share the wealth that their work creates, more and more are dropping out of the labor force, while the rest insist on selling less work for more pay and benefits.

5) You cannot create continuous "growth" with continuously declining resources AND reduced labor. 

While the permanent life-strategy of the rich is "eat/squeeze the poor", at some point the poor wake up and decide it's time to EAT THE RICH instead.  See today's headline article re Seattle, where the poor, offended corporations are squawking because the city decided to levy a small tax on them to clean up problems created by their excessive growth. 

In reply to by Offthebeach

Offthebeach Faeriedust Wed, 05/16/2018 - 11:24 Permalink

Re parts 2, 3.

Very wrong.  Resource use, re-use is for all intents , un touched.  Energy use of all types, world wide, over a year,  hardly touch energy expended in a evening in a Caribbean thunder storm. Nature has unfathomable stores of energy.  

Ditto other minerals, elements.   We are still at the picking ripe fruit that fell to the ground stage of exploitation of elements and coumpounds. 

 

 

 

 

In reply to by Faeriedust

hooligan2009 Ital Scratch Wed, 05/16/2018 - 05:45 Permalink

or contribute and work from 20-60 years and retire at 60, or from 18-58 and ... draw state retirement benefits at ...60..

or contribute from 25-65 and draw benefits at ... 60??? retrospectively (lose 5 years of pension)

or contribute from 16-56 and retire at.... 60??

looks like a setting a date to qualify for state pension benefits at 60. very poor, if you have only state benefits to look forward to after 40 YEARS OF WORK.

what happened to means testing eligibility to state benefits?

then there's this.. contribute from 30-50 and take benefits at.. 80?

or.. contribute/work from 25-55 and take benefits at.... 70?

looks like a gimmick.

notice that the AMOUNT of contributions is ignored and only the YEARS of contributions are considered. you can pay 10 euros or 10 million euros and qualify for the SAME PENSION.

fucked in the head - typical of politicians and their illiterate financial awareness.

In reply to by Ital Scratch

Fireman Wed, 05/16/2018 - 05:08 Permalink

How long before we learn the Italian equivalent for Syriza and the hated traitor Tsipras?

Now roll out the embalmed Mafiosa don Berlusconi, the last hope for keeping his fiefdom in the evil EUSSR?

SpanishGoop Wed, 05/16/2018 - 05:11 Permalink

Five Star and the League expect the ECB to forgive 250 billion euros in Italian bonds bought via quantitative easing, in order to bring down Italy's debt

 

MOEHHHHAAA

Yeah, right.