SINGLE CURRENCY IN DEATH THROES
An article in today's Sunday Telegraph suggests that the Euro is doomed and may not survive in its current membership for a week, let alone the next five years.
Surprise, surprise! Several economists have said that despite the wider suspicion that Greece or some of the weaker economies may be forced out of the currency, the most likely country to leave would be GERMANY.
"A year ago or less, few within the City would have confidently predicted the currency's demise. But the travails of Greece, Spain and Portugal in recent weeks, plus German Chancellor Angela Merkel's acknowledgement that the currency is facing an "existential crisis", have radically shifted opinion.
Andrew Lilico, chief economist at think tank Policy Exchange, said there was "nearly zero chance" of the euro surviving with its current membership, adding: "Greece will certainly default on its debts, and it is an open question whether Greece will experience some form of revolution or coup – I'd put the likelihood of that over the next five years as around one in four."
Thank goodness the United Kingdom never adopted the Euro.