The late Milton Friedman was not a fan of the Euro, the common currency shared by a number of the EU member states including France and Germany. He pretty much figured that it would cause more problems down the road than it would solve. At the time, many didn’t take him seriously. As things look increasingly dire in Greece, Portugal, and Spain (and possibly Italy), The Telegraph asked 25 economists what they thought about the future of the Euro. Twelve of the 25 didn’t think that the Euro would last five years in its current form. To see what other dire things the British economists are forecasting, click here. In other words, Friedman may well have been right.
The new Chancellor of the Exchequer, George Osborne, will likely have a full-blown financial crisis to deal with in his first term.