World GDP in the third quarter is downsized and stands at a worrying 0,5%, compared to China which flies between 5,5 / 6% and the US over 3%. The Republic writes that the incidence on world GDP of the American and Chinese economy is about 40%; this indicates that the rest of the world is growing by about 1%.
It all started with the free fall of the five great technologies that lost over 500 billion dollars of stock market capitalization in just one month. A bad news that will certainly affect the choice of the European Commission on the Italian maneuver even if the verdict is already written in the conclusions of the report on the debt that will be disclosed in the early afternoon of today. A ten page document that dismantles, point by point, the significant factors that the Italian government had listed.
The ECB is worried about the effects of the decline in world GDP, especially on the banks of the Union.
The Commission with the report it disclosed today wants to send signals directly to the Italians avoiding technicalities that are difficult to understand.
It is explained that the maneuver, as it has been presented, is dangerous for the Italians, phrases with a type effect have been used, "debt is the main source of vulnerability for the Italian economy and represents a cost for future generations" .
Basically, we want to pass the message that the People's maneuver goes against the people themselves. We then moved on to the psycowar.
In light of the rejection of the Italian maneuver, the spread has already settled at 300 basis points and the markets await the results of the openings to dialogue between the Italian government and the Commission.
In the meantime, Giuseppe Conte has decided to go to Brussels to have dinner with Jean-Claude Juncker next Saturday, also because the meeting of the technical committee of the 26 countries is scheduled for Monday 28 November, which will have to express its opinion on the Commission's verdict. Subsequently, the EU Commission will be able to officially propose the opening of a procedure, writing a recommendation with the so-called corrective path that will impose a series of drastic maneuvers on Italy.
The debt infringement procedure could cost Italy a cost ranging from 40 to 60 billion to be paid in 5 years. Almost the cost that Britain has to pay to get out of the euro zone.