EU SHOCK: ‘Victims of Euro’ Germany could SINK bloc by ‘relaunching DEUTSCHMARK’
GERMANS are beginning to see themselves as “victims” of the euro – and could end up pulling out of the eurozone and relaunching the Deutschmark, with the fallout having the potential to destroy the European Union completely, a new report has warned.
By CIARAN MCGRATH
Express.co.uk
Thu, Aug 16, 2018
The study, written by Dr Robert Hancké of the London School of Economics in partnership with derivatives trading company IG, looked at what would happen were Germany to decide to quit the single European currency and go it alone one more – with potentially dire economic consequences.
It states: “As the strongest economy in the eurozone, Germany is the only country that can credibly leave the euro.
“Some German citizens and politicians see themselves as ‘victims’ of the euro, feeling that it forces them to prop up countries with weaker economies.
“If that feeling grows, a majority of citizens could vote in favour of a new deutschmark if given the choice.”
The research points out that Germany is the “economically dominant” country in the euro area, accounting for roughly 27 percent of the eurozone’s total GDP.
In addition, it has a general government budget surplus of approximately 1.5 million.
The report suggestions that a move to create a new German national currency would have “dramatic regional consequences” and would very likely to opposed by other 18 member-states of the EU who have adopted the euro as their currency.
The report suggests: “Germany’s departure from the eurozone would likely lead to the collapse of the currency and conceivably even the European Union as a whole.”
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