Sunday, June 10, 2012

Euro currency can be destroyed in a few months

Spain has warned that if European leaders fail to show the market in a few weeks where the euro must be maintained at all costs, then the eurozone's single currency will be destroyed.

Sources close to the Spanish government said Wednesday that an important summit in Brussels at the end of the month had to find a solution by agreeing to establish euro zone banks and fiscal unions, without the euro agreement to be destroyed in a few months, The Guardian reported .

Europe was hit by a serious financial crisis in 2008 and the situation has increased in recent months.

Hit by the global financial crisis, Spain's economy collapsed into recession in the second half of 2008, leaving millions of jobs unemployed.

The eurozone debt crisis worsened by increasing Spain's funding costs and adding to fears that the country might have to seek an EU bailout, such as Greece.

Earlier that day, George SorosUS billionaire investors were quoted as saying that Europe had only three months to save the euro.
"In my judgment, [European] rulers have a three-month window where they can correct their mistakes and reverse the current trend," he said.

Soros added that the eurozone financial crisis will climax in the fall of this year, when the German economy will also decline so German Chancellor Angela Merkel "will find the situation more difficult today to persuade the German public to accept Europe in addition to its responsibilities."

"That's what creates a three-month window," he explained.

MuslimDaily/The Truth Seeker Media

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