We are only just entering the beginnings of the eurozone crisis rather than nearing its end, William Hague has warned.
The former Conservative MP and foreign minister (pictured) told delegates at the NAPF Annual Conference in Manchester political and financial integration within the eurozone would prove “extremely difficult”.
Hague said the financial deal struck with Greece would become financially and politically unstable and warned potential divergence in economic performance between member states would put a strain on the currency.
He added it would be difficult for people from stronger nations such as Germany and The Netherlands to accept “paying for the rest”.
“We are in the beginnings of the eurozone crisis, not the end,” he said.
Speaking about the pending referendum in the UK on EU membership, Hague described it as a “massive decision”, adding he believed the British public was currently “60/40” in favour of remaining as part of the union.
However, he said while the public would question the government on the detail of the negotiation, it was something that needed to be discussed “behind closed doors” because every suggestion would be viewed as a “red line” to not be reneged on if made public.
He said the issue would “come to a crunch” at the end of 2016 or early 2017.
Hague said the EU referendum was one of the main challenges the current government faced, alongside maintaining strong economic performance and the possibility of another referendum in Scotland on independence.
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