Zulauf: Periphery Countries in Europe That Have Been in Extended Recession Will Enter Depression and Break Up the Euro

“I think the periphery goes into depression. When you look at a country like Greece, it’s now been in recession for three years. GDP is probably down 15 percent from the top. The stock market is down 90 percent, which is the equivalent of 1929 to 1932 in the U.S. This is depression-like,” Zulauf tells King World News, as reported by Business Insider.

“I expect next year one country, probably three, will exit the euro. That will make 2012 very interesting because there are no rules on how to exit the euro.”

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