Giorgi Meloni’s election has changed the European Union adding strength to the challenges from Viktor Orban in Hungary and the new far right government in Sweden. Her victory can help Putin bring down NATO hegemony and stop sanctions. It could even force an early end to the war in Ukraine. And it might provide an interesting wrinkle in the plan within BRICS (Brazil, Russia, India, China, South Africa) to offer Debt Cancellation to the Global South. It is very likely some European nations using neither the euro nor the pound could benefit from this proposal to refuse to repay loans denominated in dollars, pounds, euros and yen.
Serbia and Croatia have an oil pipeline that is reeling from EU sanctions.
Suppose Meloni decides to take advantage of Putin’s discount oil for gold policy and her neighbors across the Adriatic join her. Hungary is landlocked but borders Croatia, Serbia and Slovenia. The latter also borders Italy. She could break the EU sanctions and boost her economy. Her people will have electricity, heat, hot showers and relatively cheap energy. Tourism to Italy and the Adriatic will skyrocket from Europeans seeking relief from anti-Putin imposed austerity. Northern Italian industrialists will benefit from the cheap energy and will have a huge competitive advantage against manufacturers in France and Germany.
Italy also borders Austria, France and Switzerland. People from those nations might want to drive across the border to buy cheaper petrol from sanction free Italy. Ursula von der Leyen, the President of the European Commission has been making threats against Italy and Hungary but she might soon see her world crashing down around her head which would be a good thing.
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