One nation could leave euro, says BoE's David Miles

 

"I don't think any of us can feel confident one way or another about whether all the countries that are currently in the euro zone will still be in it," he said. He was speaking folllowing a weak sale of German 10-year bond sale as investors shunned the paper, raising fears that the debt crisis was starting to infect the eurozone's biggest economy. Frank Schaeffler, of the junior coalition partner Free Democrats (FDP), said: "The debt crisis is burrowing ever deeper, like a worm, and is now reaching Germany." The euro stayed near seven-week lows against the dollar on Thursday as worries over the crisis persist. Makoto Noji, a senior strategist at SMBC Nikko Securities, said: "If Germany has to pay higher costs for its borrowing, it's obvious it cannot help the entire euro zone. If German bond yields keep rising, that could even be a trigger for break-up of the euro."

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