The Eurozone will implode no matter what France and Germany do to try to save it, that’s according to a former International Monetary Fund high-flyer.
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Athanasios Vamvakidis thinks the Eurozone has been dying from the moment it was created. He says it has actually furthered inequality around Europe and countries are fed up with constant national debt.
“Wouldn’t such countries want to have their own monetary policy at some point? Wouldn’t populism find the common currency to be an easy target – which is already happening in some countries?” said Vamvakidis, who now works for Bank of America Merrill Lynch.
“Without growth, debt could prove unsustainable in some countries and populism against the eurozone could find support in some cases, leading to exit of a country left behind.
“The probability that a country, at the core or the periphery, may decide to leave under a populist leadership at some point in the future is not low, in our view.”
He added that a wealthier country, like France or Germany, might even lead the way and exit the Eurozone because it wouldn’t be politically viable to donate all the money needed to rescue smaller nations.