DEATH OF THE EURO

City insiders yesterday speculated that the “death warrant” for the euro had already been written

Friday November 11,2011

By Macer Hall, Political Editor

PREPARATIONS were under way last night for the break-up of the euro as Europe’s debt crisis spiralled out of control.

As Treasury officials worked through the night to soften the impact on Britain, David Cameron warned that the single European currency was facing its “moment of truth”.

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I’m sure all readers are aware of the Eurozone crisis which has resulted in bailouts of banks and bondholders in Ireland and in Greece in which the citizenry has to make ever-increasing sacrifices as part of the “bailouts” or “restructuring” of excessive sovereign debts. Portugal, Spain and Italy have been added to the list of nations needing bailouts and some media articles have speculated France may be next.

German business chief calls for country to quit euro and join new currency with Austria, Holland and Finland

By HUGO DUNCAN

Hans-Olaf Henkel, the well-respected former head of the country’s main business federation, said his earlier support for the euro was ‘the biggest professional mistake I ever made’.

A top German business leader today called for his country to quit the euro and join richer northern neighbours in a currency block instead.