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Italy's insurgents enrage Germany and risk ECB payment freeze Ambrose

Professor Clemens Fuest, head of Germany’s influential IFO Institute warned that the ECB would have to cut off Target2 credits to the Bank of Italy within the internal payments system, potentially bringing the crisis to a climactic head. 

“If they start to violate eurozone fiscal rules, the ECB will reluctantly have to act. 

It will be like the Greek crisis. 

Italy will have to introduce capital controls and will be forced out of the euro,” he said.

Ambrose Evans-Pritchard 17 May 2018

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