October 29th, 2018
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#157
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Senior Member
Join Date: May 2018
Posts: 37,993
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Quote:
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.
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https://www.express.co.uk/news/world...-euro-eurozone
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