Europe moving towards imminent disaster: Economists
If a group of leading economists have to be believed, then the euro has completely broken down in the form a workable system and is also facing a collapse with a huge number of economic losses along with a lot of human being sufferings until and unless a drastic change of course comes along in the region.
According to no less than 17 experts in the field of economy, the whole region of Europe is actually “sleepwalking towards disaster.” they have also given a warning that over the past few weeks the situation in the countries who are under the burden of heavy debts has only deteriorated in a very dramatic manner.
They group of economists are inclusive of two members of the Council of Economic Experts of Germany as well leading euro specialists at the London of School of Economics,which all euro supporters had to say that the sense of a never-ending crisis, with one domino falling after another, should get reversed. The last domino namely, Spain is also just a few days away from a liquidity crisis.
In a co-signed report for the Institute for New Economic Thinking, they had to add that this dramatic situation is the result of a eurozone system that as currently constructed, is now going to get broken up. The main reason is the failure of the system. It is the moral responsibility of all the nations of Europe that were a part of its flawed design, construction as well implementation to contribute to a solution. Absent this collective response, the euro will disintegrate on a faster pace because of all this.
This warning came up when one of the contagion of Spain pushed the costs of the borrowing of Italy to danger level, with two-year yields rocketing upwards by 40 basis points to more than 5 per cent. The Milan bourse also got down by 3 per cent, which was led by the shares of the bank. The equities of Italy have been in facing a free-fall since it became very clear almos6 two weeks ago that the summit of European Union that was held in the month of June had failed to come out with any that kind of a deal that could break the nexus between banks that were virtually crippled as well as the sovereign states. Apply with loans for people with bad credit @ www.loansforpeoplewithbadcredithistory.org .uk quick monetary aid in bad situation.
This crisis has starting to get back into Germany, where the PMI manufacturing index in the month of July fell to its lowest level since the middle of the year 2009. There are talks of doubts about the credit-worthiness of the German state itself.
Processing your request, Please wait....
