Money Management – Theme Killer http://themekiller.me/ Fri, 01 Oct 2021 00:55:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://themekiller.me/wp-content/uploads/2021/04/default.png Money Management – Theme Killer http://themekiller.me/ 32 32 Amazon considers $ 1 billion NFL payment for exclusive rights to some Thursday night games https://themekiller.me/amazon-considers-1-billion-nfl-payment-for-exclusive-rights-to-some-thursday-night-games/ Thu, 08 Apr 2021 02:38:27 +0000 https://themekiller.me/amazon-considers-1-billion-nfl-payment-for-exclusive-rights-to-some-thursday-night-games/ The National football league and Amazon are in talks for the e-commerce giants streaming service, Prime Video, to exclusively broadcast several Thursday night football games, people familiar with the matter told The Wall Street Journal. The deal, if done, could cost the tech giant $ 1 billion per season. DRAFTKINGS, DISH DEAL SEEN AS A […]]]>

The National football league and Amazon are in talks for the e-commerce giants streaming service, Prime Video, to exclusively broadcast several Thursday night football games, people familiar with the matter told The Wall Street Journal.

The deal, if done, could cost the tech giant $ 1 billion per season.

DRAFTKINGS, DISH DEAL SEEN AS A BET AGAINST FUBOTV LIKE STREAMER TUMBLES STOCK

Amazon has owned the streaming rights to Thursday Night Football since 2017 for a reported rights fee of $ 75 million per season. These games were, however, shared with other NFL TV broadcast partners. If Amazon and the NFL strike the deal, the agreed-upon Thursday night games would not be available on traditional television, except in the local markets of the two playing teams. A similar arrangement is in place for “Monday Night Football” which airs on cable ESPN.

Amazon last year extended its Thursday night deal and, as part of that deal, was granted exclusive national rights to a Saturday game. On December 26, Amazon broadcast the Week 16 game between the San Francisco 49ers and the Arizona Cardinals. The current agreement to share Thursday’s TV shows and the only Saturday exclusive game spans the 2022 season. The new agreement would take effect when the current contract is concluded.

Fox Corporation, the parent company of Fox Business, acquired the rights to broadcast “Thursday Night Football” from 2018. The current contract also continues until the 2022 season.

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AMZN AMAZON.COM, INC. 3,285.04 -16.08 -0.49%

Representatives for the NFL and Amazon declined to comment.

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Despite the good ratings for “Thursday Night Football”, the high price tag has made it difficult for NFL TV partners in the age of fragmented TV audiences. But the potential $ 1 billion price tag would be easy for Amazon which last year saw its market capitalization reach $ 1.5 trillion.

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FOX FOX CORP. 40.11 -0.14 -0.35%
VIAC VIACOMCBS, INC. 39.51 -0.61 -1.52%
CMCSA COMCAST CORP. 55.93 0.00 0.00%
SAY THE WALT DISNEY CO. 169.17 -3.51 -2.03%

There is still a risk for Amazon. The Wall Street Journal reported that exclusive December Saturday with the 49ers and Cardinals drew an average audience of less than five million people. According to Hollywood journalist, games on CBS, ESPN, Fox, NBC and the league-owned NFL network – have averaged 14.9 million viewers. “Thursday Night Football” on Fox and NFL Network drew 11.89 million viewers.

Meanwhile, broadcast rights deals with Fox, Comcast’s NBC, ViacomCBS and Walt Disney Company’s ESPN could be in place as early as next week, with TV networks having to pay up to double their current rates for the deals. Sunday and Monday deductibles which are likely to last up to 11 years.


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Report: Student Loan Cancellation Most Effective If Targeted https://themekiller.me/report-student-loan-cancellation-most-effective-if-targeted/ Thu, 08 Apr 2021 02:38:17 +0000 https://themekiller.me/report-student-loan-cancellation-most-effective-if-targeted/ The proposals to write off limited one-time amounts of student loan debt that have been launched by the White House and members of Congress do little to get to the heart of the $ 1.7 trillion problem, JPMorgan Chase Institute research find. Why is this important: Rising student debt “is a financial crisis for millions […]]]>

The proposals to write off limited one-time amounts of student loan debt that have been launched by the White House and members of Congress do little to get to the heart of the $ 1.7 trillion problem, JPMorgan Chase Institute research find.

Why is this important: Rising student debt “is a financial crisis for millions of Americans,” JPMorgan Chase Institute co-chair Fiona Greig said in a statement.

  • “Our analysis shows that targeting income-tested student loan cancellation would be more cost effective to channel aid to hardest-hit families whose circumstances make repayment difficult and who in some cases face a trap. long-term debt because of their education. . “

The big picture: “Any long-term solution to alleviating the burden of student debt is incomplete without addressing the underlying issues, such as rising tuition fees,” argues the research paper.

Between the lines: Previous studies by the institute have shown that younger, lower-income families are the most burdened by student loan payments and that low-income families are less likely to make consistent loan payments (44%) compared to high income families (63%).

A deeper level: Using administrative bank data and anonymous credit bureaus to estimate the benefits of canceling student loans, the institute found that “income thresholds dramatically reduce costs and make cancellation more gradual, although all the scenarios distribute the cancellation among borrowers by race in roughly the same way. “


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The 10-year U.S. Treasury yield hits its highest level since January of last year https://themekiller.me/the-10-year-u-s-treasury-yield-hits-its-highest-level-since-january-of-last-year/ Thu, 08 Apr 2021 02:38:06 +0000 https://themekiller.me/the-10-year-u-s-treasury-yield-hits-its-highest-level-since-january-of-last-year/ A key measure of long-term borrowing costs in the United States hit its highest level on Tuesday since the early days of the coronavirus crisis in the penultimate trading session of a brutal quarter for bonds of ‘World states. The 10-year Treasury yield rose 0.06 percentage points from Monday’s closing level to 1.77%, the highest […]]]>

A key measure of long-term borrowing costs in the United States hit its highest level on Tuesday since the early days of the coronavirus crisis in the penultimate trading session of a brutal quarter for bonds of ‘World states.

The 10-year Treasury yield rose 0.06 percentage points from Monday’s closing level to 1.77%, the highest point since January 2020, according to Bloomberg data, before rebounding for trade at 1.72%.

The new wave of volatility came as investors weighed in optimism over the vaccine rollout in the United States and another plan to boost fiscal stimulus.

U.S. bond markets have led to a global decline in public debt since January as investors feared the Federal Reserve could allow the economy to run at full capacity, with huge government spending combined with monetary stimulus to make increase inflation.

A large Bloomberg Barclays index of government-issued debt in developed markets around the world has fallen 5% year-to-date on a total return basis, posting four consecutive quarters of increases.

“The curve needs to reassess for higher inflation and a higher growth regime,” said Antoine Bouvet, senior rate strategist at ING.

President Joe Biden on Monday pledged that by mid-April 90% of American adults would be eligible for the Covid-19 vaccine and would have access to a vaccination site within eight kilometers of their home. The president will travel to Pittsburgh, Pa. On Wednesday to outline plans for a $ 3 billion infrastructure package, which comes after this month’s $ 1.9 billion budget stimulus bill.

Rupert Thompson, chief investment officer of wealth manager Kingswood, said the “massive” scale of stimulus measures in the United States and around the world had caused “great nervousness about inflation and was at the root of the the recent sale of government bonds ”.

The US five-year note, which suffered less from sales than longer maturities this year, was hit by Tuesday’s move. The five-year yield hit its highest level since March 2020 at 0.94%, after rising 0.08 percentage points since the start of the week.

Bouvet said the low five- and seven-year maturities reflected investor concerns that the Fed would raise interest rates earlier than expected if above-target inflation called into question the ultra-flexible policy stance of the central bank. “No matter what warnings we get from the Fed, at some point they will have to raise rates,” he added.

European government debt was also under pressure on Monday, with German 10-year Bund yields hitting their highest level in more than a week at minus 0.27%. UK 10-year gilts yielded 0.84% ​​from 0.74% earlier in the week.

Germany’s national debt agency added € 2.5 billion to its second-quarter borrowing plans on Tuesday after Chancellor Angela Merkel’s office last week approved a fiscal boost to support economic recovery after Covid-19.

“European bond markets are being dragged higher by the movement of US Treasuries,” said Imogen Bachra, European rates strategist at NatWest Markets. She said the move likely showed a “combination of fears about an easing of forced stock liquidations and a shift in focus to the next tax package.”

The sharp swings in bond trading earlier this year rocked equity markets, particularly affecting growth stocks. The tech-rich Nasdaq Composite fell 0.3% in morning trading, while the blue-chip S&P 500 fell 0.4%, also dragged down by tech groups.


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LMA publishes RFR installation documentation https://themekiller.me/lma-publishes-rfr-installation-documentation/ Thu, 08 Apr 2021 02:37:48 +0000 https://themekiller.me/lma-publishes-rfr-installation-documentation/ On January 28, 2021, the UK Loan Market Association (LMA) issued exposure drafts of two multi-currency term and revolving credit agreements that incorporate, among other things, retrospective compound risk-free rates (the Exposure drafts). In addition, the LMA has published commentaries on Exposure Drafts, which are intended to help market participants understand the terms of the […]]]>

On January 28, 2021, the UK Loan Market Association (LMA) issued exposure drafts of two multi-currency term and revolving credit agreements that incorporate, among other things, retrospective compound risk-free rates (the Exposure drafts). In addition, the LMA has published commentaries on Exposure Drafts, which are intended to help market participants understand the terms of the Exposure Drafts. Exposure Drafts are based on the AML Exposure Draft Conversion Rate Agreements discussed in our previous blog post. The LMA hopes that their publication will facilitate awareness of the challenges of structuring multi-currency syndicated loans using retrospective compound risk-free rates (RFR).

Exposure drafts say from the outset:

  • Compound RFRs will be used as the basis for calculating interest for amounts in US Dollars, Pounds Sterling and Swiss Francs. Parties should ensure that they are operationally capable of entering into and managing such a structure.
  • Since EURIBOR will continue beyond the end of 2021, EURIBOR will be used as the basis for calculating interest for loans denominated in euros. The parties have the option of providing for the automatic replacement of the EURIBOR by the compound € STR at a later date.

Although one of the exposure drafts is based on a change of observation and the other is without a change of observation, they are identical except for the calculation provisions set out in Schedules 14 and 15. These schedules reflect the differences in the calculation formulas for a retrospection without a change of case and a retrospective with a change of case, the main differences being the weight of the daily RFRs in the formula and how this weight is used to treat the days non-working.

Market participants should note that Exposure Drafts apply SONIA’s loan market covenants as recommended by the Pound Sterling Risk-Free Benchmark Working Group (the SONIA conventions) and should therefore consider whether the SONIA conventions can be used in each specific transaction and for each relevant currency other than sterling. In particular, market participants should note that Exposure Drafts do not reflect conventions recommended by the United States Alternative Reference Rates Committee (the ARRC Conventions) for SOFR, which we discussed in our previous blog post. While there are some similarities between SONIA conventions and ARRC conventions, there are also a number of differences. Parties are able to tailor exposure drafts so that the appropriate approach can be specified for each relevant currency.

The publication of exposure drafts is a welcome step in efforts to transition to the use of RFRs in lending products. However, it is imperative that different market participants carefully consider exposure drafts in the context of each specific transaction and form their own opinion on the extent to which they are suitable as a basis for preparing loan documentation. This is all the more important since exposure drafts are based on SONIA conventions, which may differ in some respects from conventions for other currencies.


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Conor Gallagher looks to continue learning from West Brom, England and Chelsea https://themekiller.me/conor-gallagher-looks-to-continue-learning-from-west-brom-england-and-chelsea/ Thu, 08 Apr 2021 02:37:22 +0000 https://themekiller.me/conor-gallagher-looks-to-continue-learning-from-west-brom-england-and-chelsea/ The last time we spoke with Conor Gallagher was when West Bromwich Albion decided to change coaches, sacking (more progressive) Slaven Bilić and replacing him with Sam Allardyce and his more shallow football brand. We were concerned that this would negatively affect the opportunities and development of the player on loan at Chelsea. In the […]]]>

The last time we spoke with Conor Gallagher was when West Bromwich Albion decided to change coaches, sacking (more progressive) Slaven Bilić and replacing him with Sam Allardyce and his more shallow football brand. We were concerned that this would negatively affect the opportunities and development of the player on loan at Chelsea.

In the end, we had little reason to worry, at least when it came to the minutes. Gallagher has started 22 of the 25 Premier League games since joining in October. While West Brom’s results haven’t really improved with the change of coach, Gallagher has at least remained a key part of their squad.

And even as the Baggies come down, the 21-year-old has had plenty of opportunities to learn. A relegation fight is certainly not something he’s likely to experience at Chelsea, either in the youth teams or, if he does, in the first team.

“Throughout their career, everyone has a lot of difficult times. You lose and things like that and you get better. We young players will learn from this no matter what.

“I was delighted to play in the Premier League after advancing from the league last season. I loved every minute of it. I hope I will continue to develop and improve. It has been a difficult season. for West Brom so far, so playing the dirty side of the game, the importance of working without the ball [is important]. “

Gallagher played in mid-season loan spells for Charlton Athletic and Swansea City last season in the Second Division, assisting the latter in the promotion’s playoffs. They might have lost, but he made the jump himself and barely missed a beat in the Premier League, which puts him in contention for a potential place in Chelsea midfielder next season.

It sure won’t be an easy place to win, but the process is working exactly as intended with Gallagher so far.

“The quality of the Premier League will punish you if you turn off, so you have to be focused and focused.

“I know people have different views on loaned players and I’ve been on three different teams, but these are three different experiences and teams with which [different] styles, different managers and players. I have already learned a lot in two years. I hope I can continue to learn as a player.

-Conor Gallagher; The source: Goal

Currently involved with England at Euro U21 – which isn’t going too well for them – Gallagher will expect bigger and better things next season, for club and country … and maybe even Chelsea ?


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“Open concept bathroom”? Boston condo has a bathroom with no doors or walls – and it’s for sale https://themekiller.me/open-concept-bathroom-boston-condo-has-a-bathroom-with-no-doors-or-walls-and-its-for-sale/ Thu, 08 Apr 2021 02:37:00 +0000 https://themekiller.me/open-concept-bathroom-boston-condo-has-a-bathroom-with-no-doors-or-walls-and-its-for-sale/ This recently renovated condominium in the Jamaica Plain section of Boston requires an open mindset about privacy. To enter the master bathroom on the first floor, you don’t need to turn a doorknob or slide a door – because there is no door. Or walls. The bathroom is a free-flowing “open plan bathroom,” which has […]]]>

This recently renovated condominium in the Jamaica Plain section of Boston requires an open mindset about privacy.

To enter the master bathroom on the first floor, you don’t need to turn a doorknob or slide a door – because there is no door. Or walls. The bathroom is a free-flowing “open plan bathroom,” which has apparently become a trend in bathrooms over the past two years, according to Elle Decor.

“Open concept bathroom” in Jamaica Plain condo (MassLive Real Estate List / Boston Trust Realty Group)

On the one hand, you will never know if the bathroom is occupied. However, people will be able to see you when you are in the bathroom. If you’re cool with it there’s a lot to like about this cool on the JP condo market, but it comes with a hefty price tag of $ 899,000.

"Open concept bathroom" in Condo Plain Jamaica

“Open concept bathroom” in Jamaica Plain condo (MassLive Real Estate List / Boston Trust Realty Group)

The condo has 2,001 square feet, most of which is filled with new hardwoods. There are also new stainless steel appliances, quartz countertops and plenty of sunny windows. The two-level condo is located along the Orange Line corridor and within a two-minute walk of Forest Hills, according to the Boston Trust Realty Group. SEO.

Many people have weighed in on the concept of an open bathroom on social media.

The only thing the condo lacks is a buyer with an open mind, said listing agent Robert Nichols Boston Magazine.

“It could work if people, you know, don’t mind opening it up like that and can just live freely and fully enjoy it,” he told the magazine.

Associated content:


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Korea lowers maximum lending rate, introduces new rules for lenders https://themekiller.me/korea-lowers-maximum-lending-rate-introduces-new-rules-for-lenders/ Wed, 07 Apr 2021 23:17:44 +0000 https://themekiller.me/korea-lowers-maximum-lending-rate-introduces-new-rules-for-lenders/ The FSC will introduce new monetary sanctions and strengthen oversight of loan agreements to prevent predatory lending. Access today Sign up for a 2 week free trial and get instant, unrestricted and unlimited access to Regulation Asia. FREE TRY Have you already taken your free trial? Contact our team and request a subscription today. To […]]]>

The FSC will introduce new monetary sanctions and strengthen oversight of loan agreements to prevent predatory lending.

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Banks ready for big buyouts; rising real estate markets sparking bubble fears https://themekiller.me/banks-ready-for-big-buyouts-rising-real-estate-markets-sparking-bubble-fears/ Wed, 07 Apr 2021 23:17:42 +0000 https://themekiller.me/banks-ready-for-big-buyouts-rising-real-estate-markets-sparking-bubble-fears/ the Wall Street newspaper Redemption potential “Assuming that this year’s stress test is not considerably more stringent than those of recent years, a significant part of the money is to be released”By the largest US banks in share buybacks, says the Journal. According to Goldman Sachs, “The largest banks have the capacity, under current rules, […]]]>

the Wall Street newspaper

Redemption potential

“Assuming that this year’s stress test is not considerably more stringent than those of recent years, a significant part of the money is to be released”By the largest US banks in share buybacks, says the Journal. According to Goldman Sachs, “The largest banks have the capacity, under current rules, to repurchase up to about $ 22 billion in shares in the second quarter. Once the rules are relaxed, they estimate buyouts could almost triple in the second half of the year, to $ 63 billion, or about 3% of the market value of these banks. “

“The next question is to what extent do banks exploit this capacity. But the bottom line is that investors can mostly start thinking about bank payments the way they did before the pandemic. That alone should be good for bank stocks.

Bubble problem

The United States isn’t the only place where the real estate market is booming and causing concern. “A parallel rise in residential property prices across the world is making fear of possible bubbles and encouraging some governments to intervene to prevent overheating of their markets.

“It puts policymakers in a bind. Many want to keep interest rates low to support the post-pandemic recovery, but fear that people are taking on too much debt to buy homes that may stagnate or fall in prices later. Other tools they have to cool demand, like tighter mortgage restrictions, don’t always work or are postponed as authorities try to ensure broader economic growth stays on track. “

The Libor latecomers

The Federal Reserve and other regulators “are step up pressure on banks to stop tying lending to the London Interbank Offered Rate. After falling into disrepute a decade ago following a manipulation scandal, the world’s largest banks and regulators are expected to drop the benchmark of short-term borrowing by the end of the year. But lenders have been slow to change.

“A consensus is building among banks and regulators that federal legislation will be necessary to avoid problems of uncertainty and liability linked to the transition of several years to the interbank offered rate in London, which caused a scandal, ”reports American Banker.

Club hunter

“Brazil’s central bank has been redoubling its efforts for years to dismantle the country’s clubby banking sector, using a pandemic shift to contactless payments to launch its own digital platform. Since launching in November, Pix already handles a greater share of digital payments than its private sector alternatives, advancing the regulator’s goal of boosting competition and getting more Brazilians to use financial services.

“In addition, Brazil’s central bank introduced what is known as open banking last month, forcing institutions to share key data on prices and credit history with their rivals. This has added to recent efforts to encourage the growth of fintechs to give consumers more options and to attract unbanked Brazilians into the formal financial system. “

Financial Time

One job is enough

Deutsche Bank plans to appoints Fabrizio Campelli as head of its investment bank to replace CEO Christian Sewing after “giving in to pressure from regulators to abandon [dual] role. Germany’s largest lender will announce the change ahead of its annual meeting of shareholders at the end of May as part of a larger reshuffle of its board of directors. The reshuffle comes after Sewing decided to step down from the position due to concerns about an excessive workload and potential conflicts of interest. “

Welcome to the machine

“Robots are be let go to write investment reports for Morningstar, the research house that helps investors choose from thousands of mutual funds and exchange-traded funds for savings and retirement. The machine-generated reports that began airing this week lay out the rationale for Morningstar’s so-called analyst rating on a fund. Ratings, similar to Wall Street buy or sell recommendations, are distinct from Morningstar’s more famous star rating system, which measures past performance of funds.

The school of hard knocks

Sleepless nights and working weekends “was the baptism of fire I needed“said a former junior investment banker at Goldman Sachs in an op-ed.

“Young aspiring bankers should have no illusions that the culture will fundamentally change anytime soon. (Although they might well wonder why this extreme and punitive way of working became the norm in the first place), ”he writes. “My sleepless night took place in September 2018, during my third month at Goldman. To date, the efforts that my team and I have put into this transaction are my greatest professional pride. Despite the stress and sleeplessness, I was able to complete tasks with a skill that I had spent years training for. More than that, I have proven to myself that I can function and even excel in this fast-paced and stressful environment. Call it a boot camp, but the experience will open doors for me later and I have been paid generously for my efforts.

New York Times

Fintech Frenzy

“Thousands of fintech startups are riding an investor frenzy driven by a growing awareness that Big Finance is ripe for a technological makeover. Even tiny financial start-ups that haven’t officially introduced their products – like Zeller, which will offer banking services to businesses; and Sivo, which develops lending software, have raised millions of dollars and been valued at nine-figure sums.

“Many investors are now making bold predictions that these start-ups will upend big banks, established credit card providers – and in some cases, the entire financial system.”

Somewhere else

Citi’s New Chief Diversity Officer

Citigroup has hired Erika Irish Brown away from Goldman Sachs as “its chief head of diversity, equity and inclusion,” Reuters reported. “Under Brown, Goldman set a target that 11% of all new junior analysts and associates hired in the US and 9% hired in the UK are black professionals, 14% are Latino professionals and half of women.” Goldman has appointed Megan Hogan to replace Brown.


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RABBI ROSE: Gratitude and prayer for happiness | Latest news https://themekiller.me/rabbi-rose-gratitude-and-prayer-for-happiness-latest-news/ Wed, 07 Apr 2021 23:17:40 +0000 https://themekiller.me/rabbi-rose-gratitude-and-prayer-for-happiness-latest-news/ With so much stress, anxiety, fear, and anger, the last thing you think about these days is probably happiness. Americans are seeking mental health services in record numbers! Happiness is more than gratitude, and, as Americans, we have a right to the “pursuit of happiness,” even if we can’t catch it! There is a Jewish […]]]>

With so much stress, anxiety, fear, and anger, the last thing you think about these days is probably happiness. Americans are seeking mental health services in record numbers!

Happiness is more than gratitude, and, as Americans, we have a right to the “pursuit of happiness,” even if we can’t catch it!

There is a Jewish prayer that helps us focus on achieving happiness. A free translation of the prayer lists ten things that can bring us happiness: (1) Honor those who gave me life, (2) Practice kindness, (3) Constantly learn, (4) Invite others at home, (5) Be there when others need me, (6) Celebrate sacred times in life, (7) Support others during times of loss, (8) Pray with intention, (9) Forgive those who have hurt me and ask for forgiveness where I have hurt others, (10) Commit to constant growth.

How is it possible to achieve these things in the time of Covid? Let’s see.

Honor your parents with a phone call, a virtual tour, sending a homemade card made by the grandchildren, or just standing in front of their window, carrying a sign and waving your hand.

Virtually celebrate the sacred moments of life! I have now “attended” several online Bar Mitzvah services, baby baptism, wedding, birthdays, and anniversary parities. I have attended funerals online and have zoomed into mourning houses to comfort those who are lost.


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Italexit! Popular senator launches party to take Italy out of EU https://themekiller.me/italexit-popular-senator-launches-party-to-take-italy-out-of-eu/ Wed, 07 Apr 2021 23:17:39 +0000 https://themekiller.me/italexit-popular-senator-launches-party-to-take-italy-out-of-eu/ ROME (Reuters) – Well-known Italian senator set to launch political movement with a mission to get Italy out of the European Union, seeking to capitalize on anti-Brussels sentiment as the country struggles to revive its economy affected by coronaviruses. Italian Senator Gianluigi Paragone speaks to media outside the Italian Senate in this still from a […]]]>

ROME (Reuters) – Well-known Italian senator set to launch political movement with a mission to get Italy out of the European Union, seeking to capitalize on anti-Brussels sentiment as the country struggles to revive its economy affected by coronaviruses.

Italian Senator Gianluigi Paragone speaks to media outside the Italian Senate in this still from a video, in Rome, Italy, March 24, 2018. Reuters TV via REUTERS

Former TV journalist Gianluigi Paragone met Brexit architect Nigel Farage in London on Monday before announcing the official birth of his “Italexit” party later this week.

“We can no longer be blackmailed by countries that offend the great prestige of Italy,” said Paragone, adding that only a “truly sovereign state” like Britain can cope with the economic crisis that the pandemic caused.

It remains to be seen whether Paragone’s movement can tap into the well of anti-EU sentiment that has developed among Italians in recent years but lacks an obvious political focus.

Paragone left the anti-establishment 5-Star Movement shortly after forming a government with the pro-European Democratic Party (PD) last year, moderating his critical attitude towards Brussels institutions.

Even Matteo Salvini’s right-wing League, until recently the main rallying point for Eurosceptics, has softened its line against Brussels and the euro in an attempt to gain respectability.

The timing of Paragone’s move seems questionable, as the EU on Tuesday struck a deal to launch an economic stimulus fund worth € 750 billion, which bloc supporters say shows its cohesion and renewed vision.

Prime Minister Giuseppe Conte said earlier Tuesday that 28% of the fund would go to Italy in the form of a mix of grants and loans that could “change the face of the country”.

“The others want to change Europe, we want to quit,” Paragone said after the agreement with the EU was concluded.

The European question has dominated Italian politics in recent years, with Eurosceptics blaming the EU for the country’s chronic economic stagnation and its difficulties in dealing with arrivals of migrants from Africa.

A Eurobarometer survey in 1998 showed that 69% of Italians supported EU membership, while in 2002, after the introduction of euro banknotes and coins, Italy was the second most pro-euro nation after Luxembourg, with 79% expressing a positive opinion.

A poll carried out at the end of May by pollster SWG showed that only 39% of Italians said they trusted the EU.

Editing by Gavin Jones and Alison Williams


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