Germany warns of the euro collapse – how will the EU pay for ignoring Italy?

The measures taken by the European Union in the context of the Coronavirus COVID-19 pandemic, which are far from solidarity, may collapse for the European currency.

Germany warns of the euro collapse - how will the EU pay for ignoring Italy?

This was told by German publicist Hannes Vogel in a comment for N-TV.

According to him, European countries need to think back and provide real support to Italy. He stresses that further ignoring the situation on the Apennine peninsula will lead to the collapse of the euro.
Vogel recalled that Italy is not just suffering from coronavirus infection – a depressing situation there is also observed in the economic sector. Analysts have already predicted a subsidence of the economy by 6 percent. This is despite the fact that even before the outbreak of the epidemic Italy’s public debt was 130 percent of the country’s GDP. The Republic is one step away from default.

Moreover, a similar situation is observed in Spain and Greece, emphasizes Vogel. If these countries are not supported in time, the best thing left for them is to withdraw from the European Union. This will also lead to the collapse of the euro.

The journalist believes that it is possible to avoid catastrophe by distributing crisis costs among the EU countries. In particular, the commonwealth can be helped by issuing Eurobonds, which are opposed by Austria and Germany.

As News Front reported earlier, the scenario of collapse of the European Union was called real even by the European Commission. They admitted that the pandemic has become a catalyst for European scepticism.


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