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

Terry Smith
Terry Smith

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

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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  1. A move from one currency to another in a ‘quick and efficient’ manner does not preclude the creation of opportunities for speculators to earn vast profits at the expense of central banks (i.e. at the expense of the rest of us).

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