‘Euro is burning building with NO way out’ Hague destroys single currency

Tuesday, December 6, 2016
By Paul Martin

WILLIAM Hague has blasted the euro as “a misconceived and terrible blunder” which has made countries like Greece and Italy poorer while Germany continued to grow richer.

Tue, Dec 6, 2016

Mr Hague, who fiercely opposed the euro ahead of its introduction in 1999, said the defeat of Italian Prime Minister Matteo Renzi in a referendum on constitutional reform will probably hasten the currency’s inevitable collapse.

He said joining the euro had put Italy on a permanent path to being poorer with its per capita income lower now than it was in 2000.

Writing in the Daily Telegraph he said: “The euro is a cheaper currency than Germany would have if it still had the deutschmark, while it is more expensive than Italy would have if it still used the lira.

“Germans therefore keep exporting easily and running up a surplus while the Italians struggle and go deeper in to debt.”

Italian opposition parties want to ditch the euro and hope Mr Renzi’s defeat will pave the way for a return to the lira but Mr Hague warned there is no easy way out of the eurozone.

He wrote: “Mr Renzi’s defeat has not made the eventual break-up of the euro more certain, because that is coming anyway. It has simply made it more obvious.

“Leaving the euro, however, is a far more difficult problem than leaving the EU.

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