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00:51 GMT, 1 June 2012 | MailOnline
Senior European officials last night issued a grave warning that the very survival of the euro is at risk
as the crisis in Spain threatens to tear the region apart. Politicians and central bankers said the situation
in the eurozone was unsustainable and drastic action was needed to prevent the ‘disintegration’ of the
single currency. They spoke out as European leaders scrambled to stop the financial crisis in Spain
spiralling out of control and infecting other countries such as Italy.
<a href="http://s1267.photobucket.com/albums/jj559/365Wildfire/?action=view&current=frm00001-28.jpg" target="_blank"><img src="http://i1267.photobucket.com/albums/jj559/365Wildfire/frm00001-28.jpg" border="0" alt="Photobucket"></a>
One analyst warned of ‘a perfect storm’ in Spain as the country’s deputy prime minister held crunch talks
in Washington with US Treasury Secretary Tim Geithner and the head of the International Monetary Fund,
Christine Lagarde.
It is thought the IMF is drawing up contingency plans for Spain to prevent a cataclysmic financial meltdown.
<a href="http://s1267.photobucket.com/albums/jj559/365Wildfire/?action=view&current=frm00002-25.jpg" target="_blank"><img src="http://i1267.photobucket.com/albums/jj559/365Wildfire/frm00002-25.jpg" border="0" alt="Photobucket"></a>
Mario Draghi, president of the European Central Bank, said the eurozone was unsustainable in its current
form. In his sharpest criticism yet of eurozone leaders’ handling of the crisis, he said the ECB could not
‘fill the vacuum’ left by governments in terms of economic growth or structural reforms.
And he called for overwhelming force to be used to shore up Europe’s battered banks to restore confidence
in the financial system.
The apocalyptic tone from usually measured EU officials betrayed the spreading sense of panic.
Senior European officials last night issued a grave warning that the very survival of the euro is at risk
as the crisis in Spain threatens to tear the region apart. Politicians and central bankers said the situation
in the eurozone was unsustainable and drastic action was needed to prevent the ‘disintegration’ of the
single currency. They spoke out as European leaders scrambled to stop the financial crisis in Spain
spiralling out of control and infecting other countries such as Italy.
<a href="http://s1267.photobucket.com/albums/jj559/365Wildfire/?action=view&current=frm00001-28.jpg" target="_blank"><img src="http://i1267.photobucket.com/albums/jj559/365Wildfire/frm00001-28.jpg" border="0" alt="Photobucket"></a>
One analyst warned of ‘a perfect storm’ in Spain as the country’s deputy prime minister held crunch talks
in Washington with US Treasury Secretary Tim Geithner and the head of the International Monetary Fund,
Christine Lagarde.
It is thought the IMF is drawing up contingency plans for Spain to prevent a cataclysmic financial meltdown.
<a href="http://s1267.photobucket.com/albums/jj559/365Wildfire/?action=view&current=frm00002-25.jpg" target="_blank"><img src="http://i1267.photobucket.com/albums/jj559/365Wildfire/frm00002-25.jpg" border="0" alt="Photobucket"></a>
Mario Draghi, president of the European Central Bank, said the eurozone was unsustainable in its current
form. In his sharpest criticism yet of eurozone leaders’ handling of the crisis, he said the ECB could not
‘fill the vacuum’ left by governments in terms of economic growth or structural reforms.
And he called for overwhelming force to be used to shore up Europe’s battered banks to restore confidence
in the financial system.
The apocalyptic tone from usually measured EU officials betrayed the spreading sense of panic.
