Europe on The Brink of COLLAPSE as ‘Divorce’ is Needed to Prevent Economic Doom
- Europe on The Brink of COLLAPSE as ‘Divorce’ is Needed to Prevent Economic Doom
by PATRICK CHRISTYS, http://www.express.co.uk/
THE European Union is on the brink of imploding, destroying the Euro and causing economic doom, according to a Nobel Prise winning economist.
Joseph Stiglitz thinks Brexit changed the face of the Eurozone, leading to overt criticism of the common currency and making the overall break-up of the Union more likely. Italy could prove to be the next nation to leave the Brussels bloc, according to Mr Stiglitz, a former chief economist at the World Bank and senior advisor to president Bill Clinton.
The country’s banks are weighed down by more than £300billion of bad debt but cannot be bailed out under EU rules unless creditors take a financial cut first. Embattled prime minister Matteo Renzi says he will resign if he loses the October referendum on constitutional reform, which could allow the anti-establishment Five Star Movement, which has promised the public it will hold a vote on whether or not to remain in the Euro.
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