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Nile Gardiner, director of Margaret Thatcher Center for Freedom, gives his take on a potential bailout for Spain and its impact on the eurozone.
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And and neither does -- next guest who says it's only immature of time -- Spain is forced out of the eurozone and Italy.
May -- joining us now has not gotten a director of the conference -- just sent the full freedom at The Heritage Foundation Nile thank you very much for joining us 125 billion dollar bailout for Spanish banks you say it's just prolonging the agony is that right.
Yeah -- -- any -- -- any problems for us Spain.
Country with deep rooted problems both in terms -- government debt and banking debt as well but -- assessment from Deutsche Bank.
Is that debt as a percent of GDP Spain will -- 97%.
Like 20141000.
Additional staggering levels all of corporate that banking debt and the country.
And I think this latest bailout for Spain simply is not gonna sold anything to pull the markets -- forty spoken all but.
And I think of the initial confidence in this -- -- -- has already.
-- beginning to dip or live Europe.
And of the end of the day.
I think that the situation in Spain symbolic all of a broader public calls much all of the viewers and from whose fault too much full commission debt.
Reckless government spending my previous administrations.
In Spain and I think ultimately you'll -- deceased Spain joining a series of all the countries exiting the Euro within the course of the next year or so.
And now you say it's -- -- it's only as a kind of a different animal is made -- as its unemployment rate is half of that of Spain didn't really have a housing bubble that person just has a lot of public debt little economy that's not growing is that enough to have it.
Kick out of the Arizona will drop out of the eurozone.
Well I think it's and as you mentioned with its.
Staggering levels of public debt is -- very serious trouble I think the -- is all that different.
Not about to Greece you also have a great deal of political -- -- -- In its -- you have a government in place in the met with a cabinet that holiday as a single elected official hints.
This -- front month open -- we via the government in Rome.
I think the outlook for -- -- -- is pretty grim as well as the outlook for for Spain.
And for Greece.
Of course for on and in Portugal as well -- could see a serious all of you're saying countries accessing the Euro over the course of the next he has starting -- also with Greece who and who I think.
Will leave the yen the Euro later this year and I'll I guess and taking that to the bigger even bigger picture you think this is the beginning of the end now for the Euro experiment.
I think it is and I think you all seeing.
Which has always been an artificial political project we need to -- being the big goal -- -- -- all of the all the single European currency.
-- for -- Margaret Thatcher famously declared over a decade ago.
But the European project may well be the biggest fully of the modern era I think she's quite right death she's now being -- -- -- 100% to correct.
And does the of the huge bailout you've seen in Spain yes -- -- the -- weekend which they humiliation for -- -- -- victory for Spain housing the -- this is claiming.
This is humiliation.
It's a shape of things to come opening to -- many other countries in Europe as well.
We're out of time already thank you very much now -- -- The Heritage Foundation I'm sure lady Thatcher has a lot to say about what's been going on in the eurozone.
And it's not pointed out has been no vindicated -- this is a failed experiment.
They said that's.
You know you got nineteen -- seventeen different governments will have their own fiscal policy was never gonna work all right get ready coming up.
