Tues, 10/25/11, 1:54 PM – Greenspan Says Euro Doomed

Former Federal Reserve Chairman Alan Greenspan is much more open since he retired from the Fed.

CNBC quoted him today saying the Euro is bound to fail because the culture differences between northern and southern Europe are just too great. He said the initial hope was that southern European leaders would financially act more like Germans but they have not and never will.

At some point he thinks the problems will become insurmountable and the European Union will fail to hold together and split into at least two pieces. It will likely take at least a year or so to see if he’s right. If so, it would be a bitter split. I think a strong and financially responsible southern leader, especially in Italy would be the way to keep that from happening.

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