A Euro-MP predictions that the Euro will collapse look ever more certain to become a reality as Greece looks set to default on its debt repayments.
Conservative MEP David Campbell Bannerman, has been predicting the collapse of the Euro since 2010.
In a television interview nearly two years ago he said: “With its massive bailout package, the EU is trying to buck that market, and it’s not working.
“The Euro is in serious trouble.
“The Euro has always been a political project, you cannot throw billions at a political project, the markets see through it, they will bring it down, that’s what’s going to happen.
“The Euro, in its current form will collapse.
“You’re trying to force very divergent countries together, Germany is very powerful doing very well with its exports. Greece, Italy and Spain are very weak as is Ireland, you cannot force all of these countries economies together into the Euro, it doesn’t work.
“There will be a big economic cost for all of us, our banks will be hit in the UK and I don’t welcome that, however I think that by liberating these countries from this straight jacket, so they can have their own currencies, they will be able to float and get their economies moving again.”
Mr Campbell Bannerman who is in favour of a referendum over whether the UK should remain in the EU, added that the smaller economies should be relieved by approaching collapse. He explained: “For a few years now the Euro has been like a prison cell for the smaller member countries.
“There economies have been stifled, and soon they will be free to return to their own currencies and, with a devaluation, get started on a journey to recovery they could never have embarked on while being in the Euro.
“Politically, they will also be able to claw back some of the sovereignty and political power they had to give up in order to bailed out earlier in the year.
“That is why other than some short term additional economic difficulty, news of a Euro collapse could be better for growth and recovery in long run.
“It would also be confirmation that the whole EU concept is flawed, and Britain should renegotiate its membership as soon as possible.
“Just as the doomed Euro project shows the countries are too different to be forced into economic union, growing public dissatisfaction over the dearth of regulations and laws that are eroding our sovereignty shows that political union should also be stopped in its tracks.
“The Euro was the flagship project of the EU, it has failed, and with it so has the EU project itself.”