Naivity over fate of EU

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Well, Gillian Telford is at it again, her rambling over a half-baked article in the Observer, of all papers, and her interpretation.

I have commented before on her naivety of the EU and her statements once again are riddled with assumptions rather than established facts.

Nissan has never said it may quit the UK and once again millions have been invested in the Sunderland plant.

Honda in Swindon is investing £200million taking its total investment to £2.2billion as part of a long-term vision for the plant in Honda’s global operations.

It is expanding exports to Canada and the USA and has a planned growth to soar from 10% to 40%.

If Ms Telford wants to rely on printed articles perhaps she could read the report that was released last July from the International Monetary Fund, one of the world’s most powerful financial institutions. It portrays the EU as ‘an organisation in profound crisis with declining growth, a banking system in chaos, mass unemployment, alarming levels of debt, banks have 900billion euros of bad debt and in a new book Joseph Stiglitz, Nobel Prize-winning economist, states that the single currency has had a crushing effect on populations of southern Europe and is so deeply flawed it may have to be abandoned.

The adoption of the euro instead of bringing prosperity and stability now seriously threatens the whole of the eurozone.

Full reports from both sources are available.

Recently the Italian bank, Monte del Paschi di Siena, is trying to secure a rescue plan having 25.5billion euros of bad loans.

Is this what Ms Telford wanted to remain a member of?

Gordon Tomlinson