Euro Breakup Nearing?


Many analysts, politicians, investors and other observers following the constantly evolving eurozone drama have at point or another predicted the end of the joint currency. So far such predictions have not transformed into prophecies. However, the growing chorus of skeptics should be considered an indication of the looming fate of the single currency. European politicians seem to be the only segment that still professes unrelenting faith in the euro and its ability to survive the ongoing crisis.

However, powerful voices have joined the euro-opposition which now comprises individuals from all political backgrounds. For instance, two politicians, both widely considered as the founding fathers of the euro, have come out against it. Oskar LaFontaine, former German finace minister and Nigel Lawson, a treasurer during Margaret Thatcher’s premiership have both given interviews in which they’ve expressed their skepticism over the long-term future of the Eurozone.

Now, based on a report in today’s Daily Telegraph, Lars Seier Christensen, chief executive of Saxo Bank, announced it was obvious that the eurozone would ultimately break up as Brussels claimed even more power and used it “ever more poorly”.

Indeed, the criticism is coming from all directions and targets a variety of issues. LaFontaine and Lawson focus on the political impossibility of the union while Christensen expressed doubts over the expansion of the Brussels bureaucracy. Interesting times ahead.

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