Italy is 'EXISTENTIAL threat' to EU: Brussels issued with TERRIFYING warning over future
Financial expert Paul Gambles from the MBMG Group warned that the current political crisis faced by Italy could become an "existential threat" to the European Union.
Speaking to CNBC, Gambles explained that the Southern European country could elect an anti-European majority in the upcoming elections planned for 2018.
"Italy has to have elections sometime within the next six months and there's a real ground swell that actually could be an anti-Europe majority or an anti-Europe coalition."
"Italy is a full on, a major member of the EU because it's a member of the eurozone. If there's any sign at all of this election going to an Italian exit-style party or coalition then that's really a major existential threat to euro, to the eurozone."
"All bets are completely off in that situation."
Italians will be called to the ballots sometime in Spring 2018 to elect their government despite the current Parliament being in the midst of changing the electoral law.
Over the past 24 years, Italy has changed its electoral law three times.
Gambles said that the EU is at risk of suffering a heavier hit compared to the decision of the United Kingdom to leave the bloc in 2016.
"Brexit in a sense is much less important because Britain hasn't been a member of the EU because we've had the single currency which is the EU really."
"Britain has been a sort of associate member who shows up to half the meetings."
Recent polls showed Eurosceptic Movimento 5 Stelle (M5S) closing the gap with the ruling Democratic Party (PD), reaching 27.2% against the PD's 27.3%.