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Russian MP forecasts partial disintegration of euro zone

November 10, 2011, 18:09 UTC+3
The head of the Russian State Duma’s international affairs committee, Konstantin Kosachev
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MOSCOW, November 10 (Itar-Tass) — The head of the Russian State Duma’s international affairs committee, Konstantin Kosachev, forecasts partial disintegration of the euro zone because of a crisis and financial difficulties facing some of participants in the euro zone.

”I believe we shall see the withdrawal or expulsion of a group of states from the euro zone within the next two to three years,” Kosachev told reporters on Thursday.

He believes these are the states having systemic problems of economic development, the main among them is when the state debt exceeds GDP. Among these countries he cited Italy, Spain, Greece, Ireland, Latvia, Hungary, Portugal and some other countries.

According to the head of the Duma committee, the shrinking of the euro zone will be a natural result of a chain of crises in European countries. Besides, he believes this will finally bring to “erosion of international integration structures, which provide for solidarity and corporative responsibility, in particular the European Union”.

“Such agencies will switch over to models of different-level and different-speed integration. This is approximately what Russia practices now on the post-Soviet space,” Kosachev specified.

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