I might have missed something but this sounds like a less probable apocalyptic prophecy.
https://www.reuters.com/article/us-...idUSKCN1QG1GF?feedType=RSS&feedName=worldNews
However, the EU executive arm, whose job is to analyze the economic performance of each of the EU’s 28 countries and warn of trouble ahead, said it would wait until it receives Italy’s reform program in April before taking action.
“Italy is experiencing excessive imbalances. High government debt and protracted weak productivity dynamics imply risks with cross-border relevance, in a context of still high level of non-performing loans and high unemployment,” the Commission said.
Last year, Italy narrowly escaped an EU disciplinary procedure over its very high public debt, which under EU rules should be falling every year.
In an unprecedented standoff, the Commission rejected in October the initial 2019 draft budget of Italy’s ruling eurosceptic and populist coalition, which would have raised borrowing to cover election promises.
Rome and the Commission eventually reached a compromise over the deficit but it was based on an economic growth forecast of 1.2 percent. In February, the Commission revised that down to 0.2 percent.
“The government debt ratio is not expected to decline in the coming years, as the weak macroeconomic outlook and the government’s current fiscal plans, though less expansionary than its initial plans for 2019, will entail a deterioration of the primary surplus,” it said.
