Eurozone Crisis: A Disaster Waiting to Happen

Tuesday, July 28, 2015
By Paul Martin

SputnikNews.com
28.07.2015

The current crisis in the Eurozone, which has thrown Greece into disarray, was a disaster waiting to happen, according to many economists, one of whom told Sputnik the currency is inherently unstable.

As talks over a third bailout for Greece begin Tuesday, many economists are watching with a sense of foreboding amid a dismal forecast outlook for the Eurozone from the International Monetary Fund (IMF), which said the euro area “remains vulnerable to shocks”.

The IMF said medium-term prospects are less bright. “Several factors cloud the outlook for growth over the next five years,” said Mahmood Pradhan, mission chief for the euro area. “These include high unemployment, especially among the youth; large corporate debt; and, rising non-performing loans (NPLs) in the banking system.”

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