The fallout from the Volkswagon faked emission results continues.

On Tuesday the German auto manufacturer admitted that 11 million of its cars contained the ‘defeat device’ installed to circumvent the results of emissions tests.

The International Council on Clean Transport found the discrepancy on diesel cars produced between 2009 and 2015. In a test they took 5 identical cars on 5 routes and found huge discrepancies between their testing results and the real-life performance of the cars.

This week the company saw 28 billion wiped off the share value.

The US Environmental Protection agency believes Volkswagen could face fines up to another $25 billion.

On Thursday Volkswagen CEO Martin Winterkorn stepped down as experts warned the fallout could pose a greater threat to the world economy than the catastrophic Greek meltdown.

ING chief economist Carsten Brzeski was the first to voice the concern “All of  sudden, Volkswagen has become a bigger downside risk for the German economy than the Greek debt crisis,” he said to Reuters.

“If Volkswagen’s sales were to plunge in North America in the coming months, this would not only have an impact on the company, but on the German economy as a whole.”

Martin Huether, head of Germany’s IW economic institute agreed “That’s why this scandal is not a trifle. The German economy has been hit at its core.”

The German government insists Volswagen will remain an ‘important pillar’ of the German economy. But refused to comment on the likely consequuences.

Outgoing CEO Winterkorn said he was ‘shocked by the events’ and stunned at the scale of the misconduct.

“As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group. I am doing this in the interests of the company even though I am not aware of any wrong doing on my part.

“Volkswagen needs a fres start- also in terms of personnel. I am clearing he way for this fresh start with my resignation.

“I am convinced that the Volkswagen Group and its team will overcome this grave crisis.”

Many others, however, are doubting the auto-giant’s very survival.

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