|Italy PM Warns ‘Dissolution’ of Europe|
|by Tom McGregor||Sun, Aug 5, 2012, 06:13 PM|
Italy Prime Minister Mario Monti forecasts the “dissolution” of Europe unless Germany bails out all Southern European companies without requiring austerity measures.Meanwhile, an EU bigwig told the New York Times last week that his plan would require the EU to flood markets with over $5 trillion euros of currency to rescue Spain and Italy.
The Houston Chronicle reports that, “Italy’s prime minister has warned that the eurozone’s sprawling debt crisis has created resentment amid the bloc’s nations, which could ultimately trigger a breakup of the wider European Union.”
During an interview with Der Speigel magazine, Mario Monti said Sunday that eurozone tensions over the past few years “bear the traits of a psychological dissolution of Europe,” adding that Europe “must work harder to contain it.”
According to the Houston Chronicle, “the debt crisis started in Greece more than two years ago, and soon engulfed Ireland and Portugal, with all three eventually needing to be bailed out. Spain recently applied for an aid package to rescue its troubled banks, and Italy, the eurozone’s third-largest economy, has also been hit hard by rising borrowing costs on its government debt.”
Monti said, “yes, there is a front line in this area between north and south, there are reciprocal prejudices.”
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