Europe is sleepwalking towards imminent disaster, warn top economists

Telegraph:

 The euro has completely broken down as a workable system and faces collapse with “incalculable economic losses and human suffering” unless there is a drastic change of course, according to a group of leading economists.

A one euro coin is melted with a welding torch in this photo illustration

The 17 economists said Europe’s political waters have been muddied by disputes over eurobonds, debt-pooling, subsidies and fiscal union Photo: Reuters
Ambrose Evans-Pritchard

By , International Business Editor

11:13PM BST 24 Jul 2012

Comments945 Comments

Europe is “sleepwalking towards disaster”, according to the 17 experts, who warned that over the past few weeks “the situation in the debtor countries has deteriorated dramatically”.

“The sense of a neverending crisis, with one domino falling after another, must be reversed. The last domino, Spain, is days away from a liquidity crisis,” said the economists. They include two members of Germany’s Council of Economic Experts and leading euro specialists at the London of School of Economics, all euro supporters.

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About Eeyore

Canadian artist and counter-jihad and freedom of speech activist as well as devout Schrödinger's catholic

2 Replies to “Europe is sleepwalking towards imminent disaster, warn top economists”

  1. The financial crisis will be used to give the eurocrats, those unelected fascists, even more political power, at least that’s what they themselves are talking about. Don’t see a reason, why I should doubt what they proclaim so proudly, guess they are sincere here.

  2. I don’t care what the eurocrats do they have pushed a socialist economic system on Europe for so long they can’t save the European economy no matter what they do. If you want to stimulate an economy you cut government spending, cut taxes and in a rational world cut government payroll, Europe is increasing all of the above. I would love to say the US was following a rational path to saving our economy but we aren’t, we aren’t in as bad a shape as Europe but we aren’t much better off, the only good note is that we aren’t as broke as China.

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