, 4 tweets, 1 min read Read on Twitter
If @EU_Commission begins excessive deficit procedure against Italy (which I doubt) next week we will see how the idiocy of the so called 6-pack has made the Stability and Growth Pact (SGP) even more stupid
Commission disciplinary case against Italy focuses on its overall debt of 132% of GDP compared to the eurozone ceiling of (a supposed) 60% rather a confrontation over annual budgets
The absurd 6-pack reforms to the SGP mean that Italy would under excessive deficit procedure (EDP) have to reduce its debt, that over the 60% ceiling, by 1/20 a year or some 3% of GDP a year. Scorched earth. Eurozone stupidity
That would mean cuts of well over 50 billion a year - imagine that in a democracy. Otherwise Italy would face fines
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Bruno Waterfield
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!