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Italy: Senator Leads Rally for Expropriated Savers, Demands Glass-Steagall

March 2016

Senator Elio Lannutti.

March 20, 2016 (EIRNS)— The German periodical Deutsche Wirtschafts Nachrichten interviewed Italian Senator, writer, and consumer federation leader Elio Lannutti on Europe’s financial crisis, reporting he had just "gone to the barricades" for the Italian savers who lost everything in "bank bail-ins" three months ago. Lannutti and his Adusbef consumer association demonstrated at the Italian Economics Ministry March 16, demanding full reimbursement of the expropriated savers.

Lannutti told DWN that "money-printing in the dark of night through derivatives," dwarfing stagnant GDP, must be stopped; he calls for bank separation "as President Roosevelt introduced in 1933 with the Glass-Steagall Act."

The Senator also said that while the Italian banking sector had been totally transformed since 1999, with larger and larger banks swallowing small ones, Italy’s economy had not grown at all but its government debt had mushroomed, all this under the fundamental straitjacket of the European common currency, the euro. Lannutti wants an Italian referendum on leaving or staying in the Eurozone, which he said "can produce surprises." He clearly wants Italy to leave and return to its national currency.