Euro woes: No joy for 10-year-old currency

RT, 02.01.2012

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2012 marks 10 years since Europeans first held euro notes and coins in their hands. But prospects are grim for Europe's single currency in the New Year, as the region's leaders warn of tough sacrifices in this "most severe test in decades".

With recession looming, the sense of optimism that greeted the united currency at its inception seems to have evaporated. […]

Yet 10 years down the road, the euro is not in the best of shape: a spiraling sovereign debt crisis, credit downgrades, rising interest rates, tens of millions unemployed, budget cuts, and violent protests.

“The euro is undergoing the worst crisis it has ever been in and obviously the founders of the euro did not hope that this would happen,” economist Janis Emmanouilidis explained to RT. […]

In the spirit of the New Year, RT’s Tesa Arcilla asked for some predictions.

“One can be sure of is that this crisis is going to be a long and bumpy road. However if you would ask me, do you think that the euro would still exist in 10 years’ time, my answer will be yes,” believes economist Janis Emmanouilidis. […]

For the entire article see here.


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