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Eurozone split ‘would destroy single market’

Robert Winnett, and Nick Squires
London Telegraph [1]
November 12, 2011

The entire European single market could collapse if countries are forced to leave the euro, the head of the European Union has said.

The warning from Herman Van Rompuy came after David Cameron said there was now a “big question mark over the future of the eurozone”.

Angela Merkel, the German chancellor, is next week expected to back proposals to change European treaties to allow countries to leave the euro.

French and German officials are understood to have begun discussing how countries such as Greece and Italy could be forced out of the eurozone if they refuse to cut public spending and borrowing.

However, Mr Van Rompuy, the president of the European Council, said: “Let us be clear: we will not prune the eurozone to a more selective club.

“That would be contrary to the letter and the spirit of the European political pact, as embodied in the treaties.

Full article here [1]