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Italy to Debate Lira Return (moved from ATSNN)

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posted on Jun, 3 2005 @ 06:44 AM
On Friday Italy's welfare minister, Roberto Maroni, was quoted as saying that the country should consider at least temporarily leaving the Euro during this time of instability for the Lira once again. This comes upon the recent drop in the strength of the Euro versus the Dollar. Many thought the Euro would hold its advantage, but as of late, with more rejections of the constitution and word from Britian of not even considering the referendum, the situtation is beginning to look grim.
Maroni, a member of the euro-skeptical Northern League party, told the Repubblica daily Italy should hold a referendum to decide whether to return to the lira, at least temporarily.

He also said European Central Bank President Jean-Claude Trichet was one of those chiefly responsible for the "disaster of the euro."

Maroni is a front-line government minister but his views are not believed to be shared by those with far greater sway over economic policy, such as Prime Minister Silvio Berlusconi or Economy Minister Domenico Siniscalco.

Maroni cited Britain as a virtuous example of a country whose economy "grows and develops, maintaining control over its currency."

Please visit the link provided for the complete story.

This comes as not surprise to me. The Euro I always saw as based on hype and fluff. There was no real GDP to back up the multinational currency and the high unemployment of at least 3 of the top nations within the Union (France, Germany, and Italy) would not help their economic situation.

Also, too many people forget how divided Europe is at times. In the words of Abraham Lincoln: "A divided house cannot stand". Also, another quotation: "A chain is only as strong as the weakest link." However, I must retract some of my opposition, due to the fact that our country started out the same way. I, however, doubt that the style of "Union" that Europe chose was a economic and politically sound one.

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