Greenspan: Greece is not going to continue in the euro for very much longer

24/6/2016

The United Kingdom's decision Thursday to leave the European Union is just "the tip of the iceberg" of problems facing the region, said former Fed chair Alan Greenspan in an interview with CNBC Friday.

The cause of the British exit — or "Brexit" — is a massive slowing of real income growth, Greenspan said. That is a widespread problem across Europe and among "virtually every" country in the Organization for Economic Cooperation and Development (OECD) as output is "slowing to a halt."

Brexit is "almost surely" going to resurrect the Scottish National Party's advocacy of Scottish independence, Greenspan said. As the European Union fails to unite its members politically, Greece might be next, he added.

"Greece is in real, serious trouble," he said. "It's not going to continue in the Euro for very much longer irrespective of what’s going on currently."

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