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Eurozone cannot continue

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Eurozone cannot continue

Investors and individuals may soon look to make an international money transfer as the crises hitting the eurozone could spell the end of the single currency, according to exchange firm

Director James Roberts questioned how long the euro can withstand the pressure it has been put under, following the European Central Bank's decision to continue bankrolling Greece and Portugal but not Italy and Spain.

Earlier this month, European Commission president Jose Manuel Barroso urged regional governments to give their "full backing" to the currency zone, warning that the debt crises are spreading beyond the single currency's territory.

"I can see this as the beginning of the break-up of the eurozone. If you had asked me six months ago, I would have said Greece will exit the euro and go back to the drachma and Portugal will go back to the escudo," commented Mr Roberts.

"Right now I think that the first country to leave the eurozone will be Germany because I don't think the German nation will put up with funding the trouble."

Germany is especially likely to pull away given the disparity between it, Italy and Spain in terms of productivity, he speculated, saying that such differences necessitate separate monetary policies.

"The other option which might happen is that we end up with a federal super state in Europe, a United States of Europe," he theorised.

According to the expert, the eurozone could comprise of 16 local governments overseen by a central authority in Brussels.

While he admitted that it is all speculation, Mr Roberts said that the current difficulties across the EU meant that it had to change.

He concluded: "I cannot see how the eurozone can continue in its current form."

Meanwhile, the Unites States saw its credit rating downgraded for the first time by agency Standard & Poor, due to Washington DC's divided and counter-productive response to mounting debt.

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