FEAR OF FREXIT


24/02/2017




İlknur Şebnem Öztemel-TDO- It has been alleged that some of French Presidential candidates are in favor of leaving Eurozone.

Marine Le Pen from the National Front Party and Leftist leader Jean-Luc Melenchon, Socialist candidate Benoit Hamon are against being a member of Eurozone. They accuse Euro of rising unemployment and low rates of economic development.

Le Pen has announced that she will conduct a referendum about the issue. She argues that if France leaves Eurozone, its competitiveness will rise. Also, she defines this as a matter of independence. It has been expected that she will pass the first round of elections but will lose in the second round.

On the other hand, Republican François Fillon and independent Emmanuel Macron are against staying in Eurozone. They insist on staying in Eurozone and further integration with European Union.

This year, French National Budget had a deficit of 48 billion dollars. Whatever, they stay in Eurozone or not, they have to pay back the money. Professionals argue that incase of a change, there would be a devaluation and it would be harder to pay billions of debt in terms of Franc.

Deputy Chairman of World Economy Research Institute, Anne-Laure Delatte, told to Deutsche Welle ‘’Common currency was 6.5 Franc when Euro was started to be used. Now, it is 8 Franc and I don’t think that people will buy French goods from these high prices’’.

Furthermore, Economist Philippe Crevel said that France would go bankruptcy if it leaves Eurozone. He said ‘’ If we cannot pay our loans back in Euro, we will fold. No one will buy Franc from us’’.  Additionally, he asserted that EU would not survive if the second economy in the union exits. It is obvious that it would be very detrimental for World to lose one of its balances in diverse political problems. 


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