Bigger threat than BREXIT: Italy’s populist drive to quit the Eurozone would DEVASTATE EU

Via Billy

 

The shocking outcome of the election that took place in Italy last Sunday has paved the way for populist parties Lega and Five Star Movement, which together gathered more than 50 per cent of the votes.

Both the forces are eurosceptic and have in the past promoted the idea of pushing Italy outside of the EU and the eurozone.

Experts claim the possibility of a so-called Italexit would be devastating for the EU, which would see a second country leaving its borders in less than two years.

Lorenzo Codogno, former general director at the Treasury Department of the Italian Ministry of Economy and Finance, thinks Italy exiting the European Union would lead to a "storm in the markets".

He said: "Italy is a big country, the third-largest national economy in the eurozone and one of the six founding members of the bloc.

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