The economic depression playing out in the periphery of Europe is a direct result of policies implemented by unelected elites in Brussels, according to former Bank of England Governor Mervyn King

King believes the euro needs to be dismantled to allow the weakest members to walk away from a vicious cycle of austerity and high unemployment. King believes the Greek people have been let down by EU elites and austerity won’t work if the economy continues to contract.

Lord King who spent 10 years at the helm of the Bank of England, said the poorest EU countries will eventually have no choice but to abandon the euro and return to their national currencies.

King is not the only former central banker to speak out. On Sunday, Alan Greenspan criticised the state of the global economy warning that, “We are in trouble basically because productivity is dead in the water. Once again central bankers will only speak the truth once they have left office

Once gain we find that it is only after a central banker has left their post until we hear the truth.