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Giuseppe Conte, the Italian Prime Minister dismissed the criticisms aimed towards the proposed reforms to the euro zone bailout fund, by saying that the proposed changes will pose no threat to Italy, despite being heavily criticized by the right-wing opposition.
Critics of the reforms to the European Stability Mechanism (ESM) have raised concerns that the changes would increase the probability of Italy requiring to restructure the national debt, which is currently the second highest in the euro bloc in proportion to national output, following only Greece.
As the European Council meeting to discuss the reform is being held later this week, Conte addressed the Italian parliament saying: “Italy has nothing to fear, its debt is fully sustainable, as the main international institutions, including the EU Commission, have said.”
This address to the parliament came on the heels of a resolution by the ruling parties, instructing the government to not sign off to the ESM changes without prior approval of the parliament, before the final deal is agreed to with Italy’s partners.
Complaints over Allegations of Parliament Being Sidelined
Earlier, the reform was set to be finalized by leaders from the European Union in December. However, the changes have now been delayed to early 2020 to give room for the internal political issues of Italy. The resolution by the coalition government in Italy has been approved by both houses of the parliament.
However, 4 senators from the 5-star movement voted against their own party, alleging that the Italian parliament had been sidelined throughout the discussions on the negotiations involving the ESM changes. Exit of these senators from 5-star would hurt the already narrow majority held by the current government.
Giuseppe Conte further stated that the Italian government would not consent to any restrictions made on bank holdings of sovereign debt. He also strongly rejected criticism from the Brothers of Italy and League parties, stating that they were attempting to hurt Italy’s membership to the single currency. He said: “Some of the positions that have emerged during the public debate have unveiled the ill-concealed hope of bringing our country out of the euro zone or even from the European Union.”