by KEND on Fri Sep 16, 2016 5:19 am
BREXIT is alive and kicking. I think that only time will tell if it was a right choice. Most of the disaster scenarios by 'experts' have been discounted. Each group with an agenda will present 'facts' or statistics to support their cause. Here is a sample from the other side, indicating that leaving a sinking [ship] Europe might be a good thing
IMF says EU on brink of collapse and 'untenable' Euro may have to be scrapped
The future of euro currency and the entire EU project looks unsustainable without major change, according to a damning review by the International Monetary Fund and renowned economists.
Brexit aftershocks: Who's next to leave the EU?
Wed, September 14, 2016
Britain has voted to leave the EU. So who's next? We look at which European countries want to hold their own EU referendum.
A top economist has said that Europe may have to abandon the euro
The IMF warned of economic chaos in the event of a Leave victory and has urged a “smooth transition” for post-EU Britain.
The international organisation said: “The euro area is at a critical juncture. Muddling through is increasingly untenable.
“Unless collective problems are solved, the euro area is likely to suffer repeated bouts of economic and political instability leading to crises of confidence and economic setbacks.”
The IMF has urged for a smooth transition post-Brexit
In the damning statement, it said the migrant crisis could even spell the end of free movement and warned that other countries in the bloc could want their own referendums following the Brexit vote.
A Nobel Prize winning economist even said that Europe may have to “abandon the euro”.
The economist, Professor Christopher Pissarides, has said that the uncertainty would reduce investment and hit job creation.
Without major change, the report states that the EU is unsustainable
His warnings came as:
* French bank Societe Generale analyst warned Italy and France could quit the single currency EU
* Rating agency Moody’s said the future of the entire EU was at risk
* Banks across Europe came under increasing stress
* The world’s biggest hotel group predicted that the fall in the pound would lead to a tourist boom for the UK.
But the IMF has also said that the outlook would be even worse if there are long, drawn-out negotiations between the UK and the EU.
Mahmood Pradhan, deputy director of the IMF's European Department, said: "If that risk aversion is prolonged, we think the growth impact could be larger and at this point, it is very difficult to tell how long that period lasts.”
The Washington-based fund highlighted the UK's importance as a trading partner for the EU as the destination for 13 per cent of EU exports.