Austrian Ex-Foreign Minister predicted hard times for Germany in case of refusal of gas from Russia
The imposition of an embargo on Russian gas will lead Germany to “hard times”. This was announced on Wednesday, May 11, by the former Foreign Minister of Austria Karin Kneissl in an interview with RT.
“Representatives of the Central Bank have a more cautious and wary position. They would say that a complete embargo on gas imports would entail, first of all, huge and guaranteed losses in the industrial sector,” Kneissl said.
According to her, the refusal to supply Russian gas will lead to massive layoffs of workers in the chemical industry. She also warned of an increased risk of a recession, with Kneisl believes that the consequences will be more serious than experts predict.
On the same day, Tom Krebs, an economist at the University of Mannheim in Germany, said that a sudden cessation of Russian energy imports could cause a large-scale economic crisis in Germany. According to the expert, a ban on the supply of Russian hydrocarbons could provoke such a recession as the Germans have not experienced since the Second World War.
Source: The News Glory