Italy’s Insurgents Defiant as Bond Spreads Surge and EU Threats Build

The jig is up.

Rigged Game

The bond markets have woken up to the enormity of what is happening in a country that cannot be easily crushed into submission “à la Grecque”, and that is big enough to destroy monetary union.

By Ambrose Evans Pritchard and cross-posted from The Daily Telegraph

The warnings are coming fast and thick. Fitch Ratings has issued a red alert, deeming Italy’s insurgent government a threat to market stability and sovereign solvency. The conservative leader in the European Parliament, Manfred Weber, said Italians are “playing with fire” as anti-euro Lega nationalists and the alt-Left Five Star Movement join forces to smash the euro austerity regime – and to deport 500,000 illegal immigrants. “This could provoke another eurozone crisis,” he said.

France’s finance minister warns of a “Greek-like” disaster if the new government goes ahead with plans for a flat tax (15% and 20%), a monthly €780 basic income for the poor,  a…

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