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 Italy and Spain Eurozone departure?

German Chancellor Angela Merkel and French President Nickolas Sarkozy have resolutely defended the preservation of the European Union and the single currency following a crisis meeting between the leaders of Europe’s powerhouses last week.

With stock market losses being accelerated on foot of worries about the stability of the Eurozone, Nobel Prize winner for economics and former marcus evans summits keynote speaker Paul Krugman stated last week that the potential demise of the Eurozone is a “scary story”.

The Nobel laureate said he believes there is a 50 per cent chance Greece will leave the Eurozone with a ten per cent chance that Italy will follow suit.

“There are the ones that probably can make it through, even though it will be very unpleasant, as long as there isn’t a panic, and those would be Spain and Italy,” Krugman stated in an interview with Bloomberg in Stockholm on August 18.

“There are the ones that are probably fundamentally insolvent where there is going to have to be a debt writedown, and those are would be Greece, Portugal and Ireland.”

Krugman said it is “a scary story”. Three months ago he put the risk of Italy and Spain being forced to leave the common currency at one per cent.

The New York Times columnist added that European leaders needed to make it clear that funding will be available to prevent the crisis spreading to Italy and Spain.

Paul Krugman was a keynote speaker at the marcus evans European Pensions & Investments Summit that took place in Montreux, Switzerland in May 2011 and the APAC Investments Summit Macao, China and the in April 2011.







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