World Bulletin / News Desk
Italy should leave the euro unless the European Central Bank agrees to pump more cash into the economy and guarantee government debts, former Prime Minister Silvio Berlusconi said on Friday.
"We have to go to Europe and say forcefully that the ECB should start printing money," Berlusconi said in an entry on his Facebook page.
"Otherwise, if it doesn't, we should have the strength to say 'ciao, ciao' and leave the euro, while remaining in the EU, or to say to Germany that it should leave the euro if it doesn't agree," he said.
Berlusconi, still facing trial on charges of paying for sex with an underaged prostitute, has had little involvement in day-to-day political life since resigning last year after Italy came close to a Greek-style debt crisis.
"My 'crazy idea' is that the Bank of Italy should print euros or print our own currency," he said.
His comments come as Italy's fractious political parties begin manoeuvering ahead of elections in 2013 with his own centre-right People of Freedom (PDL) party in disarray after heavy losses in local polls last month.
The May local elections underscored growing rejection of the mainstream parties with big gains for the Five Star Movement led by Beppe Grillo, a rough-tongued comic who calls politicians "diarrhoea" and also wants to see Italy pull out of the euro.
The latest opinion poll by the Ipsos polling institute this week showed the PDL trailing both the centre-left Democratic Party (PD) and the Five Star movement with just 16.8 percent support.
But he has given indications recently that he is preparing to take a more active role as next year's elections approach, proposing last month to change Italy's government system into a French-style elected Presidency.
"I don't remember a more difficult moment than this in my life. People have really lost confidence," he said on Facebook. "What move can change the recessionary spiral?"
With support for the technocrat government of Prime Minister Mario Monti falling as the austerity measures imposed to combat the crisis begin to bite deeply, support for the euro has also begun to weaken.
A poll this week by the Washington-based Pew research centre showed 44 percent of Italians thought the euro had been damaging for Italy.
Berlusconi has a record of making provocative suggestions which are subsequently quietly dropped but his comments on the euro correspond with an increasingly critical tone against the euro by other parties.
His comments on the euro were immediately welcomed by his estranged former allies in the Northern League, who oppose the Monti government and have long been sceptical of the single currency.
"As the crisis worsens it is right to prepare for the collapse of the system, which would take our country out of the euro," the League's deputy parliamentary head Maurizio Fugatti said in a statement.
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous
Global growth at further risk from Chinese asset price deflation, and US interest rate increases, Moody's says
Traders fear Chinese government will withdraw support measures markets
European Commission president 'convinced' three-year plan will boost investment in EU
Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.
Italian company Enel will invest 18 billion euro for renewable energy sources in Africa.
Azerbaijani president said in a statement that Southern Gas Corridor project will supply neighboring and European countries for a 100 years
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.