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EU Economics

Greek crisis veteran Varoufakis warns euro is designed to FAIL and will bring EU with it

FORMER Greek finance minister Yanis Varoufakis has launched a savage attack on the EU, claiming it is destined to fail because the euro is doomed.

The BBC’s Andrew Neil asked Mr Varoufakis what he thinks about the EU, to which he replied it was “utterly unsustainable”.Mr Varoufakis, who battled the Brussels bloc over the Greek debt repayments, said the euro is made to fail.

Appearing on BBC This Week, he said: “The eurozone is the core of the European Union and the euro is a currency designed to fail. Not intentionally, unintentionally perhaps.

“And if the euro fails, the European Union is gone.”

Emmanuel Macron France Brexit Eurozone Europe UKGetty/BBC

Yanis Varoufakis claims that Europe is “utterly unsustainable”


Mr Varoufakis then claimed that France is “condemned to stagnant” and there is nothing President Macron can do to prevent its failure.He said: “In the long-term, given the relative structure of [the French] economy, and that of Germany.

“When you fuse together such desperate economies by means of a fixed exchange rate regime then France, whatever President Macron does, is going to be a cesspool of discontent.”

Mr Varoufakis instead the euro was preventing France from flourishing, he said that France can never be competitive, nor can they create jobs that are necessary to “stabilise the political economy in France”.

In a speech earlier this month, European Commission President Jean-Claude Juncker said without the euro currency the continent would be a victim to “tremendous conflict”.The EU summit takes place this week, with French President Emmanuel Macron planning to push his pro-Europe agenda.

Macron’s plans include shared Eurozone budget alongside closer links between European voters and their institutions.

President Macron also called for a shared border police, a joint defence force and budget, plus a Europe-wide carbon tax.

https://www.express.co.uk/news/uk/868835/Emmanuel-Macron-France-Le-Pen-Merkel-European-Union-Countries-Brexit-News-Eurozone

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