Island businessman predicts end of Euro

Fri, 28 Oct 2016

Island businessman Jim Mellon

Island businessman Jim Mellon believes that Euro will collapse within the next five years.

Mr Mellon, who established the Douglas-based Burnbrae Group, was speaking at an investor event in Germany.

He told the crowd the Euro will collapse in the next one to five years, resulting in banks being nationalised and the breaking up of debt.

The businessman, who is a regular on the annual Sunday Times' Rich List, also described the Euro as the worst experiment in the history of economics.

19 of the 28 states currently in the European Union use the single currency, which was introduced in 1999.

There has been much debate about the UK's exit from the EU and how that will effect the value of the pound.