Will the euro be no more?

Tuesday, 20 de December

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Will the euro be no more?December 18, 2011 11:37 pm 0 comments

The Eurozone crisis shows no sign of abating, and as the notion of a collapsed euro becomes increasingly likely,what exactly would this entail? At a Public Meeting on December 20, Kieran Allen, from the Socialist WorkersParty, will discuss this question.






Graham Vincent

The euro is teetering on the brink of a collapse that could signal a global depression of “unimagined depth”, andwhile the Eurozone flounders in a no win situation, unprecedented austerity will be the caveat to saving the singlecurrency, Allen will tell the meeting entitled ‘Crisis in the Eurozone: Is this the end of the euro?’

Allen’s indictment of the state of Europe’s economy comes after it emerged a US credit rating agency, Standard &Poor’s, have warned that all Eurozone countries – including Germany and France – could lose their credit ratings.

As political leaders battle to save their own economies, German chancellor Angela Merkel and French presidentNicolas Sarkozy are desperately patching up a deal to impose centralized budget control on the Eurozone. Countriesdeemed to have overspent or broken spending rules will face sanctions or have bailouts withheld.

Allen will conclude that the bailouts and measuresultimately designed to help Europe’s ailing workers will in fact make ordinary people pay for the crisis. As he putsit: “Bailouts are to guarantee bank debts, not help people who have suffered job losses and pay cuts”.

Austerity measures consisting of new budgets imposing more brutal cuts taken by the governments of some of thekey protagonists – Greece, Ireland and Italy – do not appear to have deterred the single currency from animpending crash.

The consequences of a Eurozone collapse are catastrophic. It could cause a major global depression as the cost ofpropping up the euro, if countries decide that to be a more viable option than reverting back to former currencies,would increase exponentially. This would in turn cause massive inflation and unemployment would rocket. And thecontagion would include the UK.






European leaders will do anything they can tosave the euro, as a breakup would cause the world’s most financially integrated region to be ripped apart bydefaults, bank failures and wild currency swings, rendering the survival of the EU itself open to question.

All Eurozone countries – including the UK – are entwined together in this crisis. Experts estimate Greek debt to be€490bn. This appears to be an insurmountable debt for the country, with only 3% of Europe’s GDP, to pay back. IfGreece dropped out, it would have a major impact on the EU’s biggest economies.

Sarkozy and Merkel want a deal so they – and behind them the IMF and the banks – can dictate economic policyand impose austerity, Allen will add.

European workers – who will see their financessqueezed even more whether the euro survives or not – have responded to their politicians and bankers seeminglysquirming to save their own skins by striking and taking to the streets. Decisive action is sought and needed. But isit too late?

The event to take this place this 20th December is called “Crisis in the eurozone. Is this the end of the euro?” isorganised by the Socialist Workers Party

For more information: www.swp.org.uk/

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