EU braced for pandemonium as insider warns ‘German economy deteriorating quite fast’

European Union facing internal 'battle' over vaccines says MEP

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Euroscepticism is not something new. Ever since the efforts to achieve European integration started in the Fifties, political parties that made anti-integration their main platform started to mushroom throughout the continent. The current pandemic, lockdown measures, the economic crisis looming and the slow vaccine rollout seem to be exacerbating divisive trends in Europe, though.

For example a survey by Tecnè during the fist wave of coronavirus in March showed 67 percent of Italians believed being a member of the bloc is a disadvantage for Italy which was up from 47 percent in November 2018.

In France, President of the National Rally political party Marine Le Pen has come within reach for the first time of beating French President Emmanuel Macron in the 2022 election, according to an Ipsos poll las week. 

As many wonder whether the EU will be able to survive in the long run, German MEP Gunnar Beck has pinpointed the exact moment everything will start crumbling down.

He told “EU leaders absolutely want European integration… why?

“It’s a mystery to me, because so far, they haven’t been successful.

“The European Community was relatively successful but things started going down the drain with the single currency and so on.

“The economic performance of the last 25 years has been abysmal.”

Mr Beck noted: “But will the EU break up?

“That depends on how much German money is left.

“The EU will come under extreme strain when German money runs out.

“The German economy performed well until two, three years ago but now it is not performing that well compared to other successful economies in the world.

“Its fiscal situation is deteriorating quite fast.”

In a 2018 debate at the Oxford Union, former Greek Finance minister Yanis Varoufakis also claimed the bloc will break up because of Germany.

He said: “The euro will break up, if it breaks up, I am not wishing that it does, I am simply describing the future as I see it.

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“The way it will happen is that Germany will leave the euro once the Berlin political class has had enough of the riff raff, asking the Greeks, the Italians, the French, the Portuguese and so on.

“The moment they start sniffing in the wind that possibility they might have to bail out 2.7 trillion euros of Italian debt, believe you me, the Bundesbank already has a plan in the drawer for printing Deutsche Marks.”

Mr Varoufakis then explained what will happen after is that all German accounts will be redenominated from euros to Deutsche Marks immediately, as Germany has a “gigantic account surplus”.

He added: “The nearer we are getting to a fragmentation of the euro, the higher the value of the German euro.

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“Of course what will happen is euros will be shifted from Italian bank accounts to German bank accounts.

“This is already happening.

“There are about 200 billion in the last 18 months that have shifted from Italian to German bank accounts because of the risk of keeping your euros in a country that after the break-up of the eurozone will see its currency redenominated downwards not outwards.”

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