Europe-wide RECESSION warning: Economist says downturn will cause COLLAPSE of eurozone
EUROPEAN UNION countries are heading for a HUGE recession which will ultimately destroy the euro and could bring down the entire union, according to a financial expert.
By ZOIE O’BRIEN
Express.co.uk
Sat, Feb 25, 2017
Bureaucrats in Brussels are so obsession with sticking to their rigid model, and creating even closer unions, they are “missing the chance” to save themselves, it is claimed.
Economists in Finland have warned the euro may be past the point of saving, and one expert has predicted if it falls, the entire bloc could come down with it unless leaders finally admit the flaws in the European project.
According to economist Dr Tuomas Malinen, a CEO of GnS Economics and the Vice Chairman of EuroThinkTank, the whole of Europe could be rocked by a recession which will see the weaker countries suffer if drastic changes are not made.
Dr Malinen said: “There will be a downturn at some point and a recession at which point everything starts all over again.
“Weaker countries will suffer mass unemployment and a fall in GDP and then we have to make a decision whether or not to take another hit and go through long period of depression and internal devaluations and austerity again.
“I think the euro has until the next recession. When it hits some countries will leave, if not the whole structure will break down, but that is very difficult to predict.
“If you stick with the euro in its current form, it is more than likely to take the European Union with it.
“That’s the biggest worry here.”
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