By: Steve Dellar | 06-02-2018 | News
Photo credit: Twitter | @EcoDev5

EU President Juncker: ‘Eurozone Not Facing New Crisis’

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 &#39;workshy and corrupt&#39;. EU always insults people who vote against them</p>&mdash; Andrew Pierce (@toryboypierce) <a href="">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=""></a></p>&mdash; Guardian news (@guardiannews) <a href="">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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