As Ireland continue to struggle financially and other European nations start to debate the benefits or not of a £70 Billion bailout, with some like Finland strongly opposing, the EU president is warning that the EU is in a “Survival Crisis”.
I don’t think that the EU faces a survival crisis, but the Euro as we know it probably does.
Because I don’t think Ireland is the end of the problems; I suspect Spain, Portugal and Italy are all heading the same way, and somehow I don’t think that the Key Euro Players (Germany and France) will really be up for so many bailouts.
So, just like Britain and the ERM, we will probably see Ireland and Portugal/Spain and maybe Italy forced out of the present Eurozone, to protect jobs and inflation in Germany and France.
Will the Euro crumble? Probably not but a core germanic, charlemange like empire of the Euro will continue.
And do you know the worst thing? British tax payers may end up picking up some of the bill whilst eurocrats try to save a currency that shouldn’t exist in the first place…..