A View From The Tip Of The Iceberg

Opinion: (Jacques Sapir, Professor, Director of the School of Social Sciences, Paris, from newtimes.ru): “In the last two years, Europe resembles a ship in distress. Holes are increasing, and the measures taken in this condition are not working.

“Today, the crisis has entered a phase of no return. This is understood on both sides of the Atlantic. Greece, and with it the entire EU, could be saved only by decisive actions. And as no one wants to take swift and decisive steps, the future of Europe seems grim.

“Over the next three months, we will witness a large-scale crisis of the eurozone. The default of Greece will lead to a crisis of the entire banking system of the Old World with possible bankruptcies or partial nationalization of some French and German banks.

“Following Greece, the economies of Italy, Portugal, and Spain will collapse, and the European currency will undergo a massive attack of speculators who will eventually destroy the eurozone.

“We can only take a seat on the iceberg and observe.”

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