Member of European Parliament foresees the failure of the Euro
In an interview to the RT on the 15th of March 2010, David Campbell Bannerman from Britain’s UK Independence Party said, in the subject of the current Greek Economic Tragedy and whether European funded aid should be given or not to the country, that Greece should be aided as it tries to plug its $419 billion dollar black hole – but it still might not save the Euro.
There does need to be a bailout for Greece. They are talking about a massive sum of €25 billion here. But the real problem of Greece might be bigger – the estimates say it might need as much as €55 billion by the end of this year. It’s hard to come to any satisfactory agreement. We just think the Euro is not sustainable when you have a weak economy like Greece tied in to strong economies like Germany. It just doesn’t work
We believe the Euro will collapse either totally or in part. This is the first of a number of countries, it’s not just Greece. They call them ‘the pig states’ – not a nice term, but they are, apart from Greece, also Portugal, Italy, Ireland, and Spain. Having a 44% unemployment rate among its young, Spain could well be next.
Pingback: Euro/US Dollar rate hits 3-week low as Europe still split on Greece « Rove Monteux