Eurozone break up ‘nightmare for europhiles’, says Terry Smith

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Terry Smith, founder of Fundsmith, says an exit from the eurozone by Greece may be less “catastrophic” than feared.

Terry Smith

Terry Smith

Smith, who is also chief executive of Tullet Prebon, says research by analysts at Variant Perception shows that historically, exits from currency unions are “relatively straightforward to achieve and beneficial”.

He says: “Maybe the only people that a break-up of the eurozone would be a nightmare for are the europhiles who’s dream would be dashed and the apparatchiks of Brussels.”

The research by Variant Perception reveals historical precedents, adding that the process of moving from an old currency to a new one can be accomplished “quickly and efficiently”.


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Readers' comments (1)

  • The historical precedents become useless as soon as you consider the crazy way in which banks have leveraged everything this century with derivatives and even derivatives on derivatives to magnify assets (and liabilities) way beyond the base asset value level and to a degree which nobody has been able to measure. No wonder everybody is frightened!

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