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"Eurozone Might Blow Up" & "Very Pessimistic About Future Of Euro" Says Economist

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  • Reynolds
    Moderator
    • Oct 2018
    • 3007

    "Eurozone Might Blow Up" & "Very Pessimistic About Future Of Euro" Says Economist


    COVID-19 Plunges Eurozone Into Crisis With European Currency on Verge of Exploding



    29 March 2020
    On Thursday, the heads of European states held a teleconference organised by the European Council in an attempt to find solutions to avert an economic slump following the shutting down of Italy, Spain, and France's economies. Mario Centeno, Portugal's finance minister and president of the Eurogroup, said that the main goal of Brussels in the wake of the COVID-19 crisis was to set up new "lines of defence" for the euro. Paul De Grauwe, a professor of European political economy at the London School of Economics and one of the most respected economists in Europe, made a shocking declaration, saying he is "very pessimistic about the future of the euro", and that "the Eurozone might blow up". "When Europe really needed to be there for each other, too many initially looked out for themselves. When Europe really needed an ‘all for one' spirit, too many initially gave an ‘only for me' response, she said ...

    While European Commission President Ursula von der Leyen speaks of an "all for one" spirit, Germany and other countries that have always respected the Maastricht Treaty, like Austria, the Netherlands, and Luxembourg do not want to pay for those who did not follow the rules ... The bad pupils in the class are Greece, which is a desperate case, but also Italy, Spain, Belgium, and even France who only adhered to the Maastricht criteria for two years after their implementation in 1992. "The twin supply and demand shocks we are going through are likely to trigger many 'domino effects'. Companies with large fixed costs that suffer a sudden fall in income will quickly face financial difficulties or even bankruptcy. When that happens, the banks and other entities that have lent money to these companies will also be in trouble. A massive economic shock can lead to a banking crisis" ...

    "But the falling dominoes will not stop there. Governments could also face fiscal dangers when they step in to mitigate the crisis. In the case of the current pandemic, national governments will need to save businesses from bankruptcy by granting financial support and subsidies, assist workers by funding temporary unemployment schemes, and possibly even come to the rescue of large banks", he continued. In contrast to the 2008 financial crisis, the initial shock is now coming from the real economy being hit by the COVID-19 pandemic, which requires national governments to intervene on a massive scale. If Europe cannot show solidarity, the public resentment, the political backlash against the EU would be enormous, and I am afraid this would lead to a blow-up of the Eurozone", he said. Read more ...








    COVID-19 Plunges Eurozone Into Crisis With European Currency on Verge of Exploding - Sputnik International
    EU's Euro Currency to 'Expolode' Soon AAAAHAHAHAHA SUPER, Globalism has Been Defeated!

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