Faced with a populist government entering parliament in Italy and a left-wing Prime Minister possibly being backed by the extreme-left in Spain, many commentators in Europe today fear for a renewed debt crisis like the one the ‘old continent’ had in 2012-2013, when many thought Greece would be thrown out of the bloc.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">European Commission tried to delete footage of Jean-Claude Juncker insulting Italians after he called them 'workshy and corrupt'. EU always insults people who vote against them</p>— Andrew Pierce (@toryboypierce) <a href="https://twitter.com/toryboypierce/status/1002593006485155841?ref_src=twsrc%5Etfw">June 1, 2018</a></blockquote>
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Now, with Spain and Italy probably wanting to bypass the EU-allowed budget rules in order to spend a maximum to please their new voters, the EU will have to work hard to keep them in line.
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However, European Commission President Jean-Claude Juncker, who at the same time has to deal with US imposed steel tariffs for an industry which employs roughly half a million people in the 28-member bloc, wants to reassure markets before they open again on Monday that Europe is in no way looking at a renewed crisis.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Juncker: Italians need to work harder and be less corrupt <a href="https://t.co/d8dZrghXT8">https://t.co/d8dZrghXT8</a></p>— Guardian news (@guardiannews) <a href="https://twitter.com/guardiannews/status/1002282724806324227?ref_src=twsrc%5Etfw">May 31, 2018</a></blockquote>
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Mr Juncker: “There is no threat of a new sovereign debt crisis in the euro zone despite an anti-establishment coalition government taking power in Italy.”
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Asked directly whether he thought the Eurozone area would enter a new crisis phase, as the markets seemed to believe this week, Mr Juncker responded: “No. The reactions of the financial markets are irrational. People should not draw political conclusions from every fluctuation in the stock market. Investors have been wrong on so many occasions before.”
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And about Italy specifically, Mr Juncker claimed: “I am certain the Italians have a keen sense of what is good for their country. They will sort it out.”
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