IMF issues warning saying eurozone is ‘weak’ and on the brink of collapse – but STILL insists we shouldn’t vote out

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IMF issues warning saying eurozone is ‘weak’ and on the brink of collapse – but STILL insists we shouldn’t vote out

International Monetary Fund said eurozone is in danger of being torn apart
It said that the single currency bloc’s medium-term future looked ‘bleak’
But watchdog has also claimed a vote to leave the EU would damage UK

By JAMES SALMON AND JAMES BURTON FOR DAILY MAIL

The eurozone is on the brink of another financial crisis – but leaving the EU would still plunge Britain into recession, the IMF said last night.
In its latest controversial intervention in the referendum campaign, the International Monetary Fund said the eurozone was in danger of being torn apart by political tensions.
It said that while the single currency bloc had recovered over the past six months, the medium-term future looked ‘weak’ and that it was racked by high unemployment and bad debts. It also said the failure of the EU to tackle the refugee crisis had ‘vividly exposed political fault lines’ which threatened the entire European project.

By contrast, the IMF said Britain’s finances were in good health, and it acknowledged that the EU was keen for Britain to remain a member as it faces a ‘critical juncture’.
Yet despite this, the Washington-based watchdog claimed that a vote to leave the EU would be economically damaging to Britain. It claimed that up to half a million jobs could go in the UK and warned of a slump in foreign investment and trade. It also predicts the economy could slow sharply this year before contracting next year.

Eurosceptic economists have argued that Britain will be able to slash tariffs to zero on all imports if it leaves the EU – cutting the price of goods and making households better off. The IMF conceded this ‘would make UK consumers better off, all else equal’. But it argued this would be difficult to achieve in practice.
The IMF’s warnings came in a report that was brought forward by several weeks, and furious Eurosceptics last night said the intervention was ‘deliberately timed and orchestrated’ by the Treasury and Downing Street to ‘intimidate’ voters ahead of the referendum.
Pro-Brexit Tory MP Sir Bill Cash accused the IMF of ‘irresponsible scaremongering’ and suggested its French boss Christine Lagarde was a ‘stooge’ for George Osborne……..More Here

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IMF issues warning saying eurozone is ‘weak’ and on the brink of collapse – but STILL insists we shouldn’t vote out