IMF says EU on brink of collapse, while euro currency may have to be scrapped
THE FUTURE of euro currency and the entire EU project looks unsustainable without major change, according to a damning review by the International Monetary Fund and renowned economists.
By LAURA MOWAT
Express.co.uk
Sat, Jul 9, 2016
IMF chiefs warned the UK’s decision to leave the EU would seriously hamper growth prospects in the region.
Before the Brexit vote, the IMF forecast a 1.7 per cent expansion for the eurozone.
However, post Brexit the organisation revised that down to 1.6 per cent this year and 1.4 per cent next year.
The IMF did warn of economic chaos in the event of a Leave victory and has urged for a “smooth transition” for post-EU Britain.
The international organisation said: “The euro area is at a critical juncture. Muddling through is increasingly untenable.
“Unless collective problems are solved, the euro area is likely to suffer repeated bouts of economic and political instability leading to crises of confidence and economic setbacks.”
The Rest…HERE
