Europe and the US should take care of their own debts to China before advising Italy about the risks of joining Beijing’s ‘Belt and Road Initiative,’ said Michele Geraci, undersecretary of state at the Italian Economy Ministry.
Italy has become the first G7 nation to join China’s ambitious plan to revolutionize global trade, making other eurozone majors “jealous” of the move, according to Geraci.
According to Geraci, who led Italy’s talks with China on the memorandum of understanding, other European states will follow suit and sign the document in the near future.
The EU had previously warned Rome against unilateral negotiations with China. France called for a more unified approach towards Beijing that “took advantage” of divisions among the European nations.
“When we were criticized – me personally, also – for taking care of all of this over the last few months, it’s because we… want to lead, and leading means doing things first,” Geraci said, stressing that the outside criticism had helped make Rome “even more alert” towards the deal with its Chinese partners.
According to the official, Italy could become the terminal of China’s Silk Road, thus affecting major European port cities like Hamburg, Rotterdam, Marseilles. Joining the project may spur Italian economic growth after last year’s recession.
Moreover, Geraci advised the EU and the US, which also slammed the move over alleged risks of debt overburden for Italy, should worry about their own debts to China.
“We’re not Greece, we’re Italy… We are a $1.7-trillion economy. How can we fall into a debt trap? It happens in Sri Lanka, Malaysia, maybe Pakistan… but it cannot happen in Italy.”