London Mayor Boris Johnson says the euro won't last another 12 months.
"I think it highly likely that there will be a realignment in the sense that some countries will fall out ... and we all know who the likely candidates are," Johnson said on a BBC1 television show. "Ouzo (Greece's most popular drink) will be substantially cheaper," he said.
"If we continually go on with these hysterical attempts to bubblegum the whole thing together," the mayor said, "we are just going to consign those periphery economies particularly to low growth and we are never going to get confidence back in the eurozone."
The ‘Unthinkable’ Could Happen — Wall Street Journal
Over one million Americans have heard the evidence for 50% unemployment, 90% stock market crash, and 100% inflation. Be prepared. Watch the Aftershock Survival Summit Now, See the Evidence.
Plans are being made to evacuate thousands of Brits left stranded in the eurozone if the financial system collapses, according to the MailOnline, the web version of the Daily Mail. The government, it said, is also working on plans to provide them emergency loans.
|(Getty Images photo)
The British government fears its citizens will be unable to withdraw money they need to survive from banks during a financial crisis.
About a million British live in Spain, 50,000 live in Portugal, and 250,000 in France.
Dame Pauline Neville-Jones, former security minister and a top Conservative Party leader, warned that Britons could be left "destitute" if the euro collapses.
"Spain is clearly a vulnerable area," the MailOnline quoted her as saying.
"You would find that there are people there, including our own citizens, a lot of them, who couldn't get money out to live on. So you would have a destitution problem."
She approved the government's contingency plans, saying the situation is "very, very worrying."
European finance ministers are trying to gather 200 billion euros ($260.31 billion) of rescue funds from the International Monetary Fund, according to Bloomberg Businessweek.
European leaders are also working on details of a new fiscal agreement meant to improve budget oversight of euro zone countries, but have yet to restore market confidence.
"They’ll try to get as much done as they can before Christmas, but it’s doubtful they’ll put markets in a Christmas mood,” Carsten Brzeski, an ING Group economist told Bloomberg Businessweek. "There is still so much uncertainty."
© 2013 Moneynews. All rights reserved.