The European Union is doomed to fail because
the divide between the northern and southern countries is just too
great, former Fed Chairman Alan Greenspan told CNBC in a recent
the outset of the creation of the euro in 1999, it was expected that
the southern eurozone economies would behave like those in the north;
the Italians would behave like Germans. They didn’t," Greenspan said.
"Instead, northern Europe fell into subsidizing southern Europe’s excess
consumption, that is, its current account deficits."
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