{"id":40311,"date":"2018-11-09T08:09:36","date_gmt":"2018-11-09T13:09:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40311"},"modified":"2018-11-09T08:09:36","modified_gmt":"2018-11-09T13:09:36","slug":"how-italy-leaves-the-eurozone-step-by-step","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40311","title":{"rendered":"How Italy Leaves the Eurozone, Step by Step"},"content":{"rendered":"
\n
\n
\n
\n

How Italy Leaves the Eurozone, Step by Step<\/a><\/h3>\n<\/div>\n
\n
\n
\n
\"\"<\/div>
<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n
\n
\n
<\/div>\n<\/div>\n
\n
\n
Earlier today, Italy told the EU where to go with it budget demands. Expect the EU to huff and puff.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/header>\n
\n
\n
\n
\n
\n
\n
\n

The EU demands Italy do something about its buildup of debt. In response, Italy dismisses ‘implausible’ EU forecasts, says budget is sound<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n
\n

\u201cThere are no grounds for questioning the soundness and the sustainability of our reforms,\u201d Prime Minister Giuseppe Conte said in a statement. \u201cFor this reason we consider any other type of scenario for Italy\u2019s public accounts to be absolutely implausible.\u201d<\/p>\n

If Italy does not budge, the Commission could launch an \u201cexcessive deficit procedure\u201d that could eventually result in fines, though these have never been levied on any country in the monetary union.<\/p>\n

\u201cThe European Commission\u2019s forecasts for the Italian deficit are in sharp contrast to those of the Italian government and derive from an inaccurate and incomplete analysis (of the budget),\u201d said Economy Minister Giovanni Tria.<\/p>\n

\u201cWe regret to note this technical slip on the part of the Commission, which will not influence the continuation of constructive dialogue with (it).\u201d<\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n
\n

Excessive Deficit Procedures Coming Up<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n
\n

Mercy, that sounds ominous, but I cannot any concrete example of the EU ever doing anything.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n
\n

Reuters has a Factbox List of Key Dates<\/a>, five of which have already passed with no consequences. Here are the remaining steps to laugh at.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n
\n
    \n
  • Nov. 19: In the event its budget were rejected by the Commission, the Italian government would have three weeks from the date of the EU opinion to submit a revised budget.<\/li>\n
  • Dec. 3: Monthly Eurogroup meeting.<\/li>\n
  • Dec. 10: The Commission would have three weeks, likely until Dec. 10, from the submission of Italy\u2019s amended budget to adopt a new opinion in which it would describe Italy\u2019s overall budgetary position and its impact on the whole euro zone.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
    \n
    \n
    \n

    \u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

    How Italy Leaves the Eurozone, Step by Step Earlier today, Italy told the EU where to go with it budget demands. Expect the EU to huff and puff. The EU demands Italy do something about its buildup of debt. In response, Italy dismisses ‘implausible’ EU forecasts, says budget is sound. \u201cThere are no grounds for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[279,284,285,1464,14648,13390],"class_list":["post-40311","post","type-post","status-publish","format-standard","hentry","category-geopolitics","tag-eu","tag-european-union","tag-eurozone","tag-italy","tag-michael-shedlock","tag-mishtalk"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40311"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40311\/revisions"}],"predecessor-version":[{"id":40312,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40311\/revisions\/40312"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}