Claudio Borghi, high profile pal of Lega firebrand and interior minister Matteo Salvini, savaged the EU’s mismanagement of Greece’s economic problems and said any attempt to do the same to Italy would trigger a global problem.
Mr Borghi said the resultant chaos would be “a thousand times worse” than that seen after eurozone bosses adopted a hardline austerity approach towards Greece in 2010.
Meanwhile Mr Salvini himself has continued his recent war of words with European Commission President Jean-Claude Juncker, accusing him of “ruining Europe”.
Mr Borghi, his party’s economics chief, made his remarks after a tense meeting between Italian president Sergio Mattarella and Mario Draghi, president of the European Central Bank, which administrates the eurozone.
Italian media outlets have suggested the possibility of a ‘commissariamento’ which would effectively put Italy under EU economic control.
Spiralling national debts resulted in Greece being bailed out by the ECB to the tune of €289 billion, money which it will take the country decades to repay, and Greece is only now emerging from a period of sustained austerity.
But Mr Borghi said: “In Greece, the EU managed to turn what started as small problem into disaster through their own mismanagement, but this would be a thousand times worse. It would be Armageddon.
If anybody in Brussels is stupid enough to think they can use the ‘Greek textbook’ against us, they will find that the crisis is not Greece squared, but Greece cubed.”
The concern comes after Italy’s ruling coalition, consisting of Lega and Luigi Di Maio’s Five Star Movement (5SM) approved plans to run a budget deficit of 2.4 percent of GDP for the next three years, which would enable it to embark on a period of sustained public spending.
The 2.4 percent figure is below the EU’s deficit limit of 3 percent – but it still has Brussels worried, while Mr Draghi has reportedly said: “Italy will have no safety net.”
In theory the pro-Eu Mr Mattarella could use his constitutional powers for force Italy to toe the line – but Mr Borghi warned: “This is complete madness.
“They can’t do it unless they send in the army and you can’t do this to a lawful government with a majority in parliament that is doing nothing out of the normal.
“If they try, there will be a real revolution.”
The coalition has reacted badly to a Reuters report suggesting Italy was facing significant restructuring of its £2trillion public liabilities.
Mr Borghi added: “If there is a deliberate political and financial attack on our country, we will defend ourselves.
“The Italian people went through this before in 2011 and they are no longer afraid of the spreads.
“All I will say is that the EU should have learned after what happened in Greece that once you start talking about debt-restructuring, you are igniting the fire.”
Relations between Mr Salvini and Mr Juncker have nosedived in recent days, with Mr Salvini responding to Mr Juncker’s criticism of his budget plans by saying: “I only speak to sober people who don’t make unrealistic comparisons.”
Today he reopened the dispute by accused European Commissioners of wrecking Europe, and saying he hoped next year’s European parliamentary elections would change the EU political landscape.
He told reporters in Rome: “People like Juncker and Pierre Moscovici have ruined Europe and our country.
“We are trying to change this Europe from the inside and we hope that the May European elections will give us a hand.
“If not, things will be very difficult.”
He also appeared to have a pop at French finance minister Bruno Le Maire, who earlier this week voiced his concern at the budget proposals.
Mr Salvini said: “Some French minister don’t like me, who cares?
“I’ll live with it. I prefer Prosecco and Franciacorta to Champagne.
“And I hope I’m able to say it without being stopped by anyone.
“Not only that but Italian cheese is better than French cheese!”