Italy fury sparks EU fears coronavirus recovery fund will lead to Italexit -‘More EU debt’

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Political commentator and Italexit supporter, Thomas Fazi, argued the EU is attempting to strengthen its hold on countries with its coronavirus recovery fund. While speaking to former Brexit Party MEPs on Brexit Unlocked Martin Daubney and Belinda de Lucy, Mr Fazi insisted Italy was being put in a compromising position. He insisted the EU was forcing Italy to take on this debt without allowing the country the flexibility to decide how to spend it.

Mr Fazi said: “We are talking about very little free money, if you want to call it that.

“The paradox is that we are being asked to take on more debt, more European supernational debt.

“Italian citizens will have to pay this back and neither the citizens or Italian politicians will have almost no say about how that money can be spent.

“We are taking on debt where we have almost no say.”

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Mr Fazi reiterated the biggest issue he had with the recovery fund and what it could mean for Italy.

He said: “This is almost unprecedented in history where you are asking a country to take on all this debt, they have to pay it back, but you have no say on how that money is spent.

“This whole recovery fund is not really about helping countries to recover.

“It is about binding them even more to the European Union.

“They will have to take on this supernational debt, it is essentially foreign debt.”

Mr Fazi also highlighted why it was important for a country to have its own currency, rather than a shared one.

He said: “This is debt issued in Euros and this is a crucial point.

“When we talk about democracy, democracy was devalued for the UK just by being inside of the European Union.

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“But at least the UK had your own country as it is really important to understand the relationship between democracy and having your own currency.

“Controlling your currency, controlling your money is a central plank of democracy.

“If you lose control of money, you essentially become a colony to whoever controls the money.”

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