LONDON, The United Kingdom – The European Union (EU) is about to implode this year, predicted investor Mitch Feierstein in a New Year episode of the Keizer Report. It also reveals which country will be the next Greece – and the answer may surprise you.
This year will be hard for Europe, not only because of Brexit (exit of the UK from the EU), because other member states could also overthrow the bloc, according to Feierstein. The protests in France are only the first sign of wider unrest, said analyst Max Keizer.
“You are gonna see global unrest. I think you’ll it as a feature in Italy when the EU tries to bully them,” the British-American investor noted, citing infective “draconian austerity measures.”
However, not only Italy but also France could follow the fate of Greece in debt, warned Feierstein, noting President Emmanuel Macron’s low approval ratings, rising unemployment and the country’s huge wealth inequality.
“Italy has got four trillion in loans they said there are not going repay… France has got a similar situation but they’ve got civil unrest with the population burning down Paris. So one of them will leave,” he predicted.
Both countries have violated the rules of the EU budget. After only a year of compliance in 2018, Paris announced that its budget deficit for 2019 should be 0.2% higher than the 3% limit that the bloc rules allow. Brussels agreed to tolerate the breach, as it had for nearly a decade before Macron’s presidency.
Italy has also been at odds with the 28-nation bloc. Last year, the EU Commission wanted to put Italy on a program of economic discipline because of a serious breach of EU debt regulations. The impasse between Rome and Brussels was only resolved in mid-December, when Italy agreed to a budget agreement despite domestic criticism from the opposition.