JUNCKER - ITALY NOT AN EU PROBLEM !

Contrary to all Press Reports that the Italian economy is facing very serious problems, Jean-Claude Juncker (the President of the EU Commission) denies that the EUROZONE is very worried by the current events in Italy.

Very briefly, Italy at present has high unemployment, is trading at a loss and has rising debts.   Furthermore, there is internal polititical instability in Italy.  The fact that Italy has the EURO as its currency, means it cannot simply decide to depreciate its currency to "balance its books" !  

Italy will be obliged to accept the "medicine" which the EUROZONE will prescribe to balance its books AND to protect the EURO, which all other Eurozone countries also use !  Italy cannot therefore adopt a solution alone. 

There is no "rapid and simple solution" .   Time and patience are required and the pain of high costs must be expected ! 

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