Italy could be preparing to “volcanically” threaten the European Union and trigger a new Eurozone crisis should its Eurosceptic Government opt-out of the bloc, British businessman Jim Mellon claimed.

The British businessman also suggested the European Union is exploiting the Brexit negotiations to avoid having to address the “volcanic” threat Italy poses to the bloc.

Rome and Brussels have been engaged in a blistering battle of words since Economic and Financial Affairs Commissioner Pierre Moscovivi rejected Italy’s 2019 budget proposals in October.

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