‘Worse than the great depression’ Renowned economist warns of BLEAK future for Eurozone

Thursday, January 19, 2017
By Paul Martin

A TOP economist has painted a bleak picture of the eurozone despite deluded Brussels bureaucrats insisting it can bounce back.

Thu, Jan 19, 2017

The current situation for many countries in the EU has been labelled “bleak” as they remain in huge debts and cannot find a way out, according to Joseph Stiglitz.

The renowned economist and professor was speaking on Wednesday at the World Economic Forum’s annual meeting in Davos.

Mr Stiglitz said in a meeting titled ‘Fixing Europe’s Disunion’ the Euro was not created against a backdrop of institutions which could support it.

And as a result, he said, it is failing.

He said: “In Europe they have got things working in many ways better – but Europe as a whole, particularly since the global financial crisis the eurozone in particular has been near stagnation.

“I think the Euro is part of the reason the Eurozone is not doing well.

“It is only part of the reason but it is part of the reason

“When you have a single currency it doesn’t have the flexibility for to enable weaker countries like Greece, Italy, Spain to adjust and the result of that is a real, real problems.

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