Italy election brings back ‘existential threat to eurozone’


There are concerns that Italy’s vote may be an existential threat to aspects of European unity:

Italy election brings back ‘existential threat to eurozone’

March 5, 2018

Italy’s general election over the weekend showed a surprisingly strong result for the populist, euroskeptic parties, sparking fears the eurozone’s third-largest economy will be stuck with months of political instability.

Preliminary results from Sunday’s vote indicated around half of the voters cast their ballot in favor of anti-establishment parties 5 Star Movement and Lega Nord, or Northern League while the mainstream parties suffered a drop in support. The vote points to a hung parliament and political gridlock that could leave Italy in a limbo for months as the parties wrangle over possible coalitions.

The inconclusive result sent Italian stocks sharply lower on Monday, with the FTSE MIB Index I945, -1.07%  down 1.3%. Italian 10-year yields TMBMKIT-10Y, +2.87% rose 7 basis points to 2.097%, in a sign investors are dumping the country’s assets. The euro EURUSD, +0.0568%  initially headed lower, but trimmed losses during the European morning session.

Analysts braced for tough negotiations ahead and warned the messy result could soon lead to new elections. …

• “After 2017 ultimately proved benign for eurozone political risk, the unexpected strong performance of the 5 Star Movement (M5S) brings these threats very much back to the forefront. Though M5S officials have toned down anti-euro rhetoric in recent months, the euroscepticism within the bloc could ultimately re-introduce the existential threat to eurozone stability long thought diminished. Forming a government has many challenges, but this result could dent the strong consensus support the euro currently enjoys. Italian bond spreads also have scope to widen modestly from current levels.” — Timothy Graf, head of macro strategy for EMEA at State Street Global Markets …

• “The big take away from these elections has been the extent to which the Italians have fallen out of love with the EU, voting in favour of far right and anti-establishment parties. Sweeping gains by anti-establishment, euroskeptic parties, such as the 5 Star Movement and the Lega Nord highlight the discontent felt by Italians over high levels of immigration and unemployment in Europe’s third-largest economy.

All the more surprising given that Italy is one of the founding members of the EU and has traditionally been one of its strongest supporters. A period of intense negotiations is set to begin late March/ early April in an attempt to form a government. The messy election outcome ensures a cloud of uncertainty will hover over Italy for the immediate future.” — Jasper Lawler, head of research at London Capital Group

• “We expect the formation of a wide and heterogeneous coalition that could include anti-system parties. We do not expect such a coalition to deliver meaningful structural reforms, and depending on its composition, we see the risk that previous reforms could be unraveled. Over the medium term, we remain of the view that the next legislature will be characterized by political instability that could culminate in government crisis and or snap elections.”— Barclays analysts

So, Italy, considered a strong supporter of European unity, has sent out a message that it has concerns.

Is this the end to the EU or just another issue?

Notice something from last Fall:

Trouble brewing in every corner of Europe

Now, nary a month passes in which some deeply troubling development doesn’t come along to threaten the very foundation of the EU.

We have all gotten used to the UK’s imminent divorce from Europe. But Brexit alone, and the ramifications thereof, puts the very existence of the EU in doubt. Hungary and Poland have dissociated themselves from the EU’s bedrock rule-of-law principles. Spain is in its deepest state crisis in decades as Catalonia pushes for independence. The continued arrival of refugees has split the continent along deep ideological divides that seemed unthinkable just a few years ago. And parties that want to curb or do away with the EU for good are gaining new supporters each day.

Nothing is certain anymore

Things do not look much better beyond Europe’s borders. Whether Donald Trump, Recep Tayyip Erdogan or Vladimir Putin, traditional partners have now become unreliable partners, even enemies in some cases. And with that, back to the bloc: One may have expected the murder of an investigative journalist in Russia, but in quaint EU member state Malta? What has become of us?

All of this is happening simultaneously. …

True, the spirit of the times is currently moving toward nationalism, identity and separation. European Commission President Jean-Claude Juncker’s proposal to extend the euro and the Schengen Area to encompass all EU states therefore seems unrealistic and counterproductive.

The EU does not need grand visions in times like these; it needs practical solutions to its many problems: Stopping illegal immigration is something that all member states can agree on. So is expanding and upgrading the EU’s digital infrastructure. And all states could benefit from more cooperation on defense issues. 10/20/17

Notice that Christoph Hasselbach sees problems for Europe all over. Yet, he believes that Europeans are unified to stop illegal immigration, expanding the EU’s digital infrastructure, and cooperating more on defense issues–all of these are consistent with biblical prophecies.

There is lack of unity in many parts of Europe.

So will the dream of a united Europe die?


The Bible shows that problems with unity in Europe were expected:

41 Whereas you saw the feet and toes, partly of potter’s clay and partly of iron, the kingdom shall be divided; yet the strength of the iron shall be in it, just as you saw the iron mixed with ceramic clay. 42 And as the toes of the feet were partly of iron and partly of clay, so the kingdom shall be partly strong and partly fragile. 43 As you saw iron mixed with ceramic clay, they will mingle with the seed of men; but they will not adhere to one another, just as iron does not mix with clay. (Daniel 2:41-43)

Therefore, the Bible shows that despite disunity, there will be a kingdom that will rise up.

Before going further, let me add that US President Donald Trump is also a factor that is encouraging the Europeans to build their own INDEPENDENT military, and hence a power that will rise up.

Europe and its structure will change.

A leader will arise with a relatively few supporters:

23 And after the league is made with him he shall act deceitfully, for he shall come up and become strong with a small number of people. 24 He shall enter peaceably, even into the richest places of the province; and he shall do what his fathers have not done, nor his forefathers: he shall disperse among them the plunder, spoil, and riches; and he shall devise his plans against the strongholds, but only for a time. (Daniel 11:23-24)

Consider that Adolf Hitler had relatively few supporters before he rose up.

The Bible shows that Europe will reorganize and will essentially lose democracy:

12 “The ten horns which you saw are ten kings who have received no kingdom as yet, but they receive authority for one hour as kings with the beast. 13 These are of one mind, and they will give their power and authority to the beast. (Revelation 17:12-13)

Some COG groups, like PCG and LCG, changed the historic COG understanding of this and have sometimes insisted that the ‘ten kings’ refers to 10 currently existing nations (LCG has said 10 or 11). Yet, I have long contended that this is a reference to Europe reorganizing (more details are in my article Must the Ten Kings of Revelation 17:12 Rule over Ten Currently Existing Nations?).

As far as the digital infrastructure that Christoph Hasselbach and others want Europe to have, that too is prophesied and related to 666 (cf. Revelation 13:16-18)–though it is not likely that people like Christoph Hasselbach believe various biblical prophecies apply to Europe.

Consider also that the Bible foretells the rise of a militaristic power in Europe (Revelation 13:1-4), that will have a “great army” (Revelation 11:25), and that it will take over the strongest military in the world (Daniel 11:39; see also USA in Prophecy: The Strongest Fortresses) as well as a coalition of nations in North Africa and the Middle East (Daniel 11:40-43; see also Is the Future King of the South Rising Up?).

While Europe is NOT yet ready to cut ties with the USA, that is the goal.

The voting and politics in Italy will NOT change the prophesied destiny of Europe.

Despite unity and other problems, the Bible shows that Europe will unite for a time.

Some items of possibly related interest may include:

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