Founder of the euro calls for a break up of the 'catastrophic' currency

The can kicking Europeans are being warned again that the current course they are on is leading to disaster. The founder of the euro currency, Oskar Lafontaine, thinks that its time to break up the EU: Mr Lafontaine said he backed EMU but no longer believes it is sustainable. "Hopes that the creation of the euro would force rational economic behaviour on all sides were in vain," he said, adding that the policy of forcing Spain, Portugal, and Greece to carry out internal devaluations was a "catastrophe". Mr Lafontaine was labelled "Europe's Most Dangerous Man" by The Sun after he called for a "united Europe" and the "end of the nation state" in 1998. The euro was launched on January 1 1999, with bank notes following three years later. He later left the Social Democrats to found the Left Party. As if to confirm Lafontaine's dire warnings, France announced the "end of austerity": His prediction appeared confirmed as French finance minister Pierre Moscovici ...(Read Full Post)

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