They were bailed out through assistance of third parties including Eurozone countries, the ECB, and the International Monetary Fund.
But Spain, Italy, Greece and Portugal are racking up debts they will never be able to pay off.
The people of Spain took to the streets over debt last week
And Portugal’s and Greece’s liabilities are both at €72billion.
The Banca d’Italia alone now owes a record €364billion to the ECB – 22 per cent of GDP.
Women march in the street in Greece over debt
“Our flow data is picking up serious capital flight into German safe-haven assets.
“It feels like the build-up to the eurozone crisis in 2011.”
It is hard to see how the breakup of the EU could not be disruptive, not least because it is the last outcome that many people have expected.
“They bought into the concept of an EU gravy train, without questioning the flawed economics of this reckless experiment.
“This will be the focus of many books and university economics courses for decades to come.
“This view may be correct.”At this point, time may work in the UK’s favour, although there are certainly plenty of risks, mainly in the form of EU bad debts.
“This will all be very contentious, although I maintain that over the longer term, Europe including the UK will be far better off as a trade association of independent, self-governed countries with their own currencies.
“The last thing Europe should want or need is more trade barriers.”