Italy

I’ve been hearing disturbing but well-informed voices about the result of the election in Italy, the Eurozone’s third biggest economy, which if correct will cause the global liberal elite to go ape and try to section Italy. The result which such voices are predicting will have a similarly disturbing effect on global libertarian conservatives. As for the markets, they will go bananas. Here’s what these voices are saying. The anti-party Movimento Cinque Stelle (M5S) which is run like a Scientology sect and would if it got the chance replace Parliament with direct democracy on the internet will get many more votes than suggested in the last opinion polls before Italy’s

The man who could become Italy’s next prime minister is sat just opposite the entrance to the huge US and Nato airbase near Catania in Sicily at a hotel confiscated from the Mafia. It’s not Silvio Berlusconi, no matter how much the British press tells us that ‘Berlusconi is Back!’ Silvio Il Magnifico (as I call him) cannot be prime minister because he is banned from public office after his four-year jail sentence for tax fraud in 2012 (commuted to a year’s community service in an old people’s home). No, the man I’m talking to is Matteo Salvini, leader of Lega, the leading party on the right (15 per cent,

A potentially significant moment in the travails of the EU was lost in the drama of John Major’s (re-)intervention into the Brexit debate on Monday. Over in Italy, another former prime minister, Silvio Berlusconi, also made an intervention. He called for Italy to introduce a separate currency alongside the euro which would allow it to ‘recover monetary sovereignty’. Berlusconi half floated a suggestion along these lines back in 2014. But now he says he is ‘completely convinced’ by it. He suggests that Italy should keep the euro for imports and exports, while using a different currency – a new domestic money supply – for state payments to ‘help the left behind’. Berlusconi’s

The headline business story of the holiday season was the latest bailout of Banca Monte dei Paschi di Siena. This is Italy’s third largest bank and, according to recent ECB ‘stress tests’, Europe’s weakest — regarded by pessimists both as a potential catalyst for systemic collapse and a symptom of deeper Italian problems that could kick off another euro crisis this year. Monte dei Paschi is also of special interest to me as the world’s oldest bank, having been founded by the magistrates of Siena in 1472 to provide loans at non–usurious rates to ‘poor or miserable or needy persons’, underpinned by wealth from local agriculture. Though it evolved more

That the Tunisian terrorist who slaughtered 12 people in Berlin on Monday was even in Europe, let alone able to move about Europe with ease, is a scandal. It shows that the policy of the European Union and its member nations on the migrant crisis is a complete and dangerous failure. The collective refusal of the European liberal elite to face up to this fact promises further disaster. Anis Amri, 24, had no legal let alone moral right to be in Europe, and yet he had been here since 2011 when he arrived in a migrant boat on the tiny Italian island of Lampedusa. Shortly afterwards, he was jailed for four

Theresa May was not the only elephant in the room at Thursday’s European Union summit in Brussels, and EU leaders studiously ignored the other one as well. Paolo Gentiloni, Italy’s new Prime Minister – its fourth unelected one in a row since 2011 – must somehow save Monte Paschi di Siena, the world’s oldest bank, from collapse. If he fails to do so – and much will depend on EU help – then it will set off a chain reaction that could easily engulf the Eurozone. You might have thought, then, that EU leaders would have had something to say about the matter. But no. Italy’s third largest bank, founded