‘It will COLLAPSE!’ Tory MP says ‘FLAWED’ eurozone will fall apart sooner or later

Saturday, June 30, 2018
By Paul Martin

THE EUROZONE will eventually “collapse” because it is “fundamentally flawed” and results in wealthier member states bailing out other poorer countries, warned Tory MP John Whittingdale.

By CHARLOTTE DAVIS
Express.co.uk
Sat, Jun 30, 2018

The former Culture Secretary said the European Union’s official currency will eventually “fall apart”.

Speaking to Express.co.uk, Mr Whittingdale explained his reasoning and said: “You have countries that are performing very differently.

“Some are much more wealthy than others and if you don’t have any ability for the exchange rate to move to reflect that it creates huge pressures and the only way you solve that is, as has happened in the past, is vast transfer payments from the rich countries to poorer countries.

“Now, Germany has been bailing out Italy and Greece and one or two others. There will come a moment where they come back again and say we need more money.

“I think the euro will, sooner or later, fall apart. Or at least, certainly, some countries will fall out of it.

“It also delivered unemployment and recession into those countries because, again, if the exchange rate is a safety valve if you are performing less productively than other countries your exchange rate to moves to reflect that and it makes your ability to export easier.

“But if you can’t move the exchange rate you’re locked in. So, I think there is an internal tension in the eurozone which has never been addressed and has led to these crises on a fairly regular basis.

“They will come around again and I think sooner or later it will collapse.”

The Rest…HERE

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter