Home News Euro collapse will PROVE Brexit was a wise decision, says ROSS CLARK

Euro collapse will PROVE Brexit was a wise decision, says ROSS CLARK


Briefly, they have been able to forget their own deep troubles and concentrate on trying to punish Britain for daring to opt out of membership.

Whatever happened to the Greek debt crisis, economic problems in Spain and Italy, the breakdown between Germany, Hungary and others over how to handle migrants?

A strange sense of calm seems to have settled over Europe. But it won’t last.

The EU remains what it was before last June’s vote, a fractious union of countries with deep political tensions and beset by chronic economic underperformance.

As the next stage of the euro crisis looms, we will be relieved to be leaving the EU.

Over the weekend it emerged that Greek Prime Minister Alexis Tsipras is planning a referendum in the autumn to fiddle with the constitution – a move that opposition parties fear is an attempt to swing the next election in the direction of Mr Tsipras’ Syriza Party, which polls show as trailing the New Democracy party.

It is little wonder that Mr Tsipras is worried.

In July Greece faces another day of destiny with its long-suffering creditors.

Under the terms of its last bailout agreed in 2015 the country is due another tranche of money from eurozone countries to repay 6.9billion euros’ worth of loans.

In return Greece has had to agree to make cuts in pensions and to raise taxes – a prospect which once again had protesters rioting on the streets of Athens last week.

Greece is in a trap from which it cannot escape. It can only afford to service its debts thanks to handouts from Germany and other eurozone countries.