So says an economist — The euro zone is currently in chaos with the euro no longer being functional and order will only be restored by giving struggling member states their currency back, according to Matthew Lynn founder of Strategy Economics.
The euro zone is currently in chaos with the euro no longer being functional and order will only be restored by giving struggling member states their currency back, according to Matthew Lynn founder of Strategy Economics.
“The euro is already dead. It no longer meets most of the criteria of a working form of money,” he said in a research note published Wednesday.
Politicians in the euro zone have begun a round of shuttle diplomacy this week in an attempt to find a solution to the crisis. Greek Prime Minister Antonis Samaras is holding talks with euro zone chief Jean-Claude Juncker on Wednesday to try and gain Greece more time to deliver the terms agreed on their 130 billion euro ($162 billion) bailout.
Lynn believes that any progress made by European politicians is irrelevant as the euro has already turned into a “zombie currency”.
He says countries can no longer use the single currency for imports meaning it is effectively ceasing to act like money.
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The dominoes have begun to fall …
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