Bolkestein: eurozone split inevitable

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Splitting the eurozone, and adopting the neuro as the new currency of the northern euro countries surrounding Germany, is inevitable, says Dutch conservative politician Frits Bolkestein.

“I wouldn’t shed tears if Italy left the euro”, says the 82-year-old former leader of the governing VVD party in an interview with the AD newspaper.

“I tend to favour radical measures”, Mr Bolkestein adds, suggesting that Greece should be given aid on condition it abandons the euro.

Mr Bolkestein admits he and other politicians failed to spot the euro’s basic flaw. An early sceptic about the introduction of the euro, he only realised much later that the monetary union was not viable without a true political union.

Creating a euro bond to cope with the current crisis is something the pro-business politician considers “disastrous”. “It means the Netherlands will have to pay higher interest rates. By my count, it could cost us seven billion euros per year. We already have enough problems cutting 18 billion euros in the coming four years.”

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