Madrid: Euro could be finished if European leaders fail to show markets within weeks that it will be defended at all costs, Spain warned.
Sources close to the Spanish government said on Wednesday that a crucial Brussels summit at the end of the month would have to find a solution by agreeing to establish a eurozone banking and fiscal union, without that deal euro would be finished within months, The Guardian reported.
Europe was hit by a serious financial crisis in 2008 and the situation has intensified over the past few months.
Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking with it millions of jobs.
The worsening eurozone debt crisis increased Spain’s financing costs and raised concerns that the country might have to seek a European Union bailout, like Greece, Press TV reported.
Earlier in the day, George Soros, a US billionaire investor, was quoted as saying that Europe has only three months to save euro.
“In my judgment, the [European] authorities have a three months’ window during which they could correct their mistakes and reverse the current trends,” he said.
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