November 19, 2019, 21:14


‘Uncontrolled Collapse’ of Eurozone Looking Increasingly Likely – Campaigner

‘Uncontrolled Collapse’ of Eurozone Looking Increasingly Likely – Campaigner

The anti-EU campaigner issued the warning amid the Italian government’s standoff with Brussels over its proposed fiscal budget, with the bloc threatening hefty fines against Rome if it defies them.

Francesco Donato, director of Eurexit – a group campaigning for Italy’s withdrawal from the eurozone – has claimed the monetary union is looking more and more likely to collapse, urging Italy and others to pull out in an organized fashion to avoid the subsequent economic fallout.

Speaking to The Express on Wednesday, Donato said the “probability that sooner or later there will be an uncontrolled collapse of the eurozone is higher and higher,” highlighting mounting opposition to the union.

READ MORE: European Central Bank to Wrap Up Stimulus Despite Uncertain Outlook

Stressing the need for member states to plan an “organized and controlled exit,” the campaigner said there will come a point when the European Central Bank (ECB) and the EU will force them out, warning this will be “traumatic” for them and will almost certainly drag their economies into recession.

“This is a suicidal attitude of the European Union. At the end of the day who will pay the higher price, it will not be Italy but the member states central to the Union like Germany,” she added.

The Italian government is yet to explicitly express its intent to pull out of the eurozone or the EU, but relations are continuing to worsen, with Brussels threatening to fine Italy up to €3.4 billion unless Rome presents a new draft budget compliant with its rules within three weeks.

However, Interior Minister and Deputy PM Matteo Salvini has vowed not to change “even a comma” in the budget, insisting they must do what it right for Italy’s economic instead of adhering to Brussels’ fiscal constraints and guidelines.

READ MORE: Former UKIP Leader Farage Urges Salvini ‘Not to Give in’ to EU ‘Gangsters’

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