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EU Economics

EUROPE’S CASH MACHINE: Germany will foot the bill for southern states when EU implodes

GERMAN taxpayers will be bled dry when beleaguered Angela Merkel turns to them to shore up Europe’s disintegrating economy, Liam Fox has warned today.

Liam Fox and Angela MerkelAFP/GETTY

German will become Europe’s cash machine, Liam Fox has predicted


The international trade secretary said ordinary Germans will become the “greatest ATM in global history” and will have to bear tax hikes and swingeing budget cuts as the EU implodes post-Brexit.Europe’s financial system is on the brink of collapse, and the leading eurosceptic accused Brussels bureaucrats of “sacrificing” the livelihoods of millions of young people at the altar of their superstate dream.

Dr Fox’s strident comments are likely to cause consternation in Berlin, where under-fire Mrs Merkel is desperately trying to keep a lid on a growing eurosceptic movement.The Tory veteran deliberately contrasted Europe’s woes with the opportunities facing Britain following the vote to leave the EU, saying the UK can now chart its own place in the world.

Liam FoxAFP

Dr Fox said that Britain must embrace the opportunities of Brexit


A Deutsche Bank branchREUTERS

Germany has its own financial problems with its banks struggling


He told The Spectator: “The architecture of the European Union is beginning to peel away.“It’s going to sacrifice at least one generation of young Europeans on the altar of the single currency, and you can only rip out the social fabric from so much of Europe before it starts imploding.

“That’s the problem with the European Union.

“And with Britain out of it, they’re still going to have to confront exactly the same problems.”

He added: “If I were a German politician, I would be worried that, without Britain, Germany has the potential to become the greatest ATM in history.”

Germany’s controversial leader is facing a popularity crisis with her party bombing in the polls over its open door migration policy, and the suggestion that taxpayers will have to pay to bail out southern European states will not help her cause.Experts are already predicting that Berlin will have to cough up for the vast majority of Britain’s hefty EU budget contribution after Brexit, in a development which has played into the hands of the far-right.

And Dr Fox, who has already embraced the chance to strike new trade deals with nations across the globe, today insisted Brussels will have no choice but to cave in and grant Britain unfettered access to the Single Market.

In an upbeat speech the veteran Tory argued that imposing tariffs on the UK would “harm the people of Europe” far more than Britain, adding that trade with the EU will be “at least as free” after Brexit as it is now.

He also appeared to confirm the Government’s commitment to seek individual of the World Trade Organisation (WTO) after the country leaves the EU, which will give Britain a voice on the world stage in this area for the first time in four decades.

Dr Fox said: “I believe the UK is in a prime position to become a world leader in free trade because of the brave and historic decision of the British people to leave the European Union.

“We are leaving the EU, we are not leaving Europe and we are ready to take our place in an open, liberal and competitive globalised trading environment.”The speech was immediately welcomed by business leaders, who said it was “encouraging to see the Government make a robust case for free trade”.

But it was attacked by the Lib Dem’s EU spokesman, the former deputy prime minister Nick Clegg, who accused the trade secretary of being “delusional”.

http://www.express.co.uk/news/politics/715919/European-Union-Angela-Merkel-Germany-pay-EU-Brexit-Liam-Fox-trade

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