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Eurozone debt crisis could rip E.U. apart: officials

AFP [1]
Sept 14, 2011

The eurozone debt crisis now threatening banks could destroy six decades of post-war European integration, top EU officials warned on Wednesday.

The dire warning that post World War II Europe risks disaster came shortly after Moody’s credit rating agency downgraded two French banks and as financial markets increasingly calculate the domino damage if Greece defaults.

“Europe is in danger,” Polish Finance Minister Jacek Rostowski, whose country currently chairs EU meetings, told the European Parliament in Strasbourg ahead of emergency talks between leaders from Germany, France and debt-hit Greece.

“If the eurozone breaks up, the European Union will not be able to survive,” Rostowski said of the currency bloc that comprises 17 of the 27 EU countries, a day before European finance ministers gather in Poland alongside US Treasury Secretary Timothy Geithner.

Full article here [1]