If Brussels doesn’t budge, calamity beckons for Italy – and the EU | Owen Jones
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Austerity has created a political shift against the euro and the EU itself from Greece to Italy. Brussels must stop the contagion
A few months ago, a leading politician in Portugal’s ruling Socialist party explained to me the eurozone dilemma. Membership of the currency meant the public investment they desired was impossible. “It’s like social democracy was forbidden,” he explains. But exiting the euro could be even worse, because of the resulting economic trauma, and the political party held responsible would incur such public wrath that it would surely vanish.