Sunday, November 27, 2011

Former Euro Commissioner Calls Split of Euro Unavoidable

Frits Bolkestein, a former Commissioner of the European Union at the time it was decided upon, said that a split in the Euro is unavoidable. Germany and a number of other countries will have to create a separate unit. He added that Greece should be removed from the Euro zone and if Italy were to be removed, he wouldn’t “shed a tear.” He admitted that he and other politicians had not understood the mistakes in the construction of the Euro as a currency even though he had always been skeptical about it. He also came out against Euro obligations. Bolkestein said he had calculated that the Netherlands would have to pay 7 billion Euro extra interest if they were introduced. He added, “We already have problems to cut back our budget by 18 billion Euro.”

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