Madrid furious at EU for they did respect the compulsory bail-in rule but Gentiloni saved the venetian banks with another bail-out. WSJ and Bloomberg say this is the end of the European Banking Union project. Do your Brexit dear Brits, the EU is a mess and it’s just not your fault.

BancaVicenza

Another from the EU that Captain Emmanuel Macron and Lady Merkel won’t save, this is a Link with very interesting pieces of information, I do a bit of summary and translation in english:

basically, finally the Germans and the Dutch, maybe pushed by “Macron le beau” who must have seduced Lady Angela, had accepted to do the European Banking Union to allow to share the debts of the meridional countries with the  northerners, but with the sworn promise of no bail-out anymore to rescue private banks, so not to raise the debts of a country to save a private bank, the rule agreed unanimously was of the compulsory bail-in, aka the failed banks had to be rescued with the money of the share-holders, not with the money of the other taxpayer-citizens who didn’t invest in that bank and just have no responsibility for its mismanagement and debts. Blondet signals how the italian lefty politicians who play so much the europhiles they just break everything they sign, they even wrote the obligation of not going above the 3% indebtement of the country in the Constitution – don’t laugh – and obviously broke it the same, the feeling is that they try to force themselves because they know they have the inclination of not respecting the rules but no matter where they write it they just end up helping “family & friends” with taxpayers’ money.

Well Gentiloni did the bail-out again and again and this – even though the italian television doesn’t say it – will bring to the miscarriage of the European Banking Union Macron fought for.

The reason why they do like this? Because they or their relatives or prominent party members are personally shareholders of the banks to save and they do not want to lose their own private money they prefer to indebt the other italians and break the rules of the EU whenever they want, even though they accuse Salvini – who has just won in an impressive landslide the local council elections together with Berlusconi and Meloni, my Party and today I’m very happy for that, it looks like Gentiloni’s and Renzi’s Party – the Left – is over – well they accuse Salvini of not loving the EU but in reality it’s they who continuously break all the EU rules claiming to love the EU only by voice, now that their own money were at stake they don’t care either about the EU or whatever they have written in the Constitution and this habit of making innocent taxpayers pay for the losses of their own private banks according to some analysts of political economy brought a lot of formerly leftwing voters who do not love the banks that much to switch to the right or to abstain which helped the Right-wing victory. Add the dreadful proposal of Ius Soli by the Left that the overwhelming majority of the Italians, used to the Ius Sanguinis, just reject as attempted expropriation of their country.

Well, the European Banking Union is over for the supposedly “europhile” Gentiloni’s government, The WSJ and Bloomberg signalled the end of the project still in fieri saying that’s probably the nail in the coffin, Macron will be very angry because “he had won” and now thanks to Gentiloni “he has lost”, and the Spaniards are very angry indeed because they had respected the rule of the “compulsory” bail-in and now they want Italy, that didn’t respect it, to be fined. It’s over in the usual EU messy way, dear Britons, do your Brexit in holy peace, the EU is a mess for its own irksome structure where everybody’s bound but everybody’s free at the same time, where everything is compulsory but not, it’s not your fault, tell Welby to cool down with his WWII comparison, I don’t want to be sarcastic but how much wine did he drink the last supper? God forgive me. I love Jesus, but some priests are drunk, together with Cable.

You know what? The boy in Versailles channelling Louis XIV he may get sick and tired himself who wanted to save the eurozone, try and save the eurozone with Tsipras and Gentiloni doing what they like, he may really have to swallow what he said about LePen and do Frexit.

Italian thinker on twitter:

Tweet0'2Pil

Tweet says: “To quarrel for months with the EU to spare the 0.2% of GDP to then spend more than twice as much to save banks of dubious ethics DONE”



Categories: EU

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