Tags: Europe | Unravel | Euro | Explode

French Minister: Europe to ‘Unravel’ as Euro Set to ‘Explode’

By    |   Thursday, 08 Dec 2011 02:48 PM

A senior German official told Reuters some leaders and institutions still don't understand the seriousness of the European crisis. However, statements from those who apparently do understand suggest that the region is running out of time.

The French minister for European affairs, Jean Leonetti, warned that the euro could "explode" and Europe could "unravel," reported CNN Money.

That would be a "disaster not only for Europe but for the whole world," CNN Money says Leonetti told the French TV station Canal+.

This statement was made Thursday morning as leaders were preparing to head into a summit that many have labeled as critical to Europe's fate.

Fears that the region is on the brink of, if not currently in a recession, and that its shared currency may be destined for a chapter in history books have spread around the globe.

Today, borrowing costs soared for Italy, Spain, and even more financially solid France, as investors lost confidence that a resolution would be reached soon, reported the Washington Post.

CNN Money quoted French President Nicolas Sarkozy as saying failure to reach an agreement at a summit in Brussels, Belgium, is a "luxury we cannot afford."

"This is our duty. We have no other choice," he said, warning that the European Union would not get a second chance.

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A senior German official told Reuters some leaders and institutions still don't understand the seriousness of the European crisis. However, statements from those who apparently do understand suggest that the region is running out of time. The French minister for European...
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Thursday, 08 Dec 2011 02:48 PM
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