Europe is on the brink of collapse economically and socially
THE European Union is on the brink of imploding, destroying the Euro and causing economic doom, according to a Nobel Prize winning economist.
By PATRICK CHRISTYS AND ZOIE O’BRIEN
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.
The expert says an “amicable divorce” must be considered to avoid a “political cataclysmic event like Brexit”.
In his new book, ‘The Euro: How A Common Currency Threatens the Future of Europe’ Stiglitz also advises Germany and Greece should pull out as member states.
Mr Stiglitz said: “In other words, the Eurozone’s member countries are democracies and one sees increasing hostility to the Euro, which is unfortunately spilling over to a broader hostility to the broader European
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