[Stewart Meadows]

Italy is ‘going straight into a WALL’: Eurozone on alert as RECESSION warning sounded


ITALY is teetering on the brink of a catastrophic recession which could send shockwaves across the rest of Europe and threatens to wreck the entire eurozone economy, senior bankers have warned.

The cash-strapped country also faces a major credit crunch thanks to the EU's rejection of its budget proposals and fears the knock-on effects could be devastating are growing.

Lorenzo Bini-Smaghi, chairman of Societe Generale and a former member of the ECB board, said events were repeating the onset of the eurozone debt crisis in 2011 when surging bond yields caused a contraction in credit.

He said: “Italy is going straight into a wall.

“The economy risks tipping into recession in the fourth quarter.

https://www.express.co.uk/news/world...-euro-eurozone