While the doomsday scenario foretold by the EU campaigners and the liberal media of untold misery, political chaos and economic disaster befalling Britain -- if the country votes to leave the EU -- has yet to come to pass. Instead, the British stocks and pound have
rallied back after tumbling down initially in the aftermath of the referendum. Even the liberal-minded Financial Times now
admits that Brexit will be "neutral to moderately negative for the UK" but "devastating for the EU". The newspaper believes that it is Italy that Eurocrats now need to worry about -- not UK.
Italy’s ailing banking sector has been drifting towards a crisis, forcing the government to roll out a $40 billion
bailout plan this week. Though Brexit did not causing the crisis, as Italy already suffers from decapitalised banking system, high youth unemployment and sluggish growth. However, the departure of UK, EU’s second largest economy and its third biggest donor, could not have come at a worse time for the country. Nor could economic woes and public discontent in the country come at a less opportune time for EU, as Italy heads towards a
constitutional referendum in October.