Answer:

Amid the continuing arguments about whether the UK started to pack its bags ahead of LEAVING the EU last week, the more serious problem is that the Eurozone leaders have signed up for a future of deflation, recession and mass unemployment. The debt crisis remains fully in FORCE, since nothing agreed last week actually makes investors much more likely to buy Eurozone sovereign debt. I expect most countries will still SEE their credit rating cut soon. The German-led plan amounts to aiming for balanced budgets, cutting spending and hoping that somehow that will save the Euro.

What it will undoubtedly do is push the Eurozone ECONOMY further into slump, raising unemployment above its current 10.3% rate. In Ireland it’s 14.5%, in Greece 16%, and in Spain an appalling 21.5%. All the Euro has to offer the people of these countries is years of unemployment, falling living standards and bitterness. How this is supposed to increase the cohesion of the EU I don’t understand.

Nor will it help the debt problem. We face a prolonged debt-deflation period in which GDP will fall faster than public debt, so the debt-to-GDP ratio will keep worsening, private sector investors will keep well clear of the Eurozone (except maybe Germany) and Europe will lose a decade of growth while national DIVISIONS harden. The UK may unfairly get some of the blame for this, as it’s easier to scapegoat the one major European economy that didn’t want to join this club of destruction than accept that the Euro has been a disaster economically and politically.

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