@ladyonorato The ESM reform is made to engineer artificially a debt crisis for fiscally non-compliant Member States: thus either the Government is scared and fall in line with German austerity before the restructuring (Monti scenario), either the ESM takes control of via XX Settembre #stopMES
@ladyonorato A debt crisis generated by the reformed CACs & the adoption of an automatic restructuring rule would be wildly amplified by the induced risk of insolvency of Italian banks. This scenario unfolded in Greece in the first half of 2015 and triggered the abdication of the Government
@ladyonorato One must not forget that the Italian debt presents no risk. 70% of it is held in Italy, including 25% which in reality does not exist anymore as it was bought back by the State through Banca d’Italia, which printed money for it. The ESM rules aim at generate artificially a crisis
