Euro buried under the Christmas tree

The debt crisis in Europe continues to grow, pushing the euro to the abyss. The fact that in the near future, the single currency area will lose one or two, and even a few members, has almost no one doubts. And more and more experts are inclined to release the complete collapse of the euro area, if the authorities of the EU will not be able to cement its urgent - and yet effective - measures. While all efforts were in vain European politicians, and some brave souls have already referred to the collapse of the euro for specific dates. However, there are those who believe that this can also be a political move to intimidate the peripheral eurozone countries and force them to hand over all financial matters under the control of the leading states of the Commonwealth.

Recently, a well-known French economist and former head of the EBRD's Jacques Attali in an interview with a Belgian radio station said that the euro may not survive Christmas. Or at least meet him in the process of destruction, if the EU level are not taken adequate emergency and crisis response, warned an expert.

According to Attali, such measures should be at least three. First, you must allow the ECB to buy government bonds troubled eurozone countries. Second, we need to deprive outsiders of their fiscal sovereignty by introducing a supranational control over budget. Finally, it should make changes to EU legislation. ... You can build the first five minutes, the second week, the third - after six months. But to begin to build all three must be simultaneously. Otherwise, we're going to crash, ...

The main growth driver was the pessimism Italy. So far the main source of headaches European politicians remained in Greece, most analysts predicted a relatively mild case scenario - an exception to the default and the euro zone single country, with unconditional financial and image losses, but without the death for the euro area as a whole. However, the loss of one of the largest economies in the region promises a single currency to a hard landing. Debt collapse of Italy will inevitably mean the end of the euro - that was the verdict of German Chancellor Angela Merkel and French President Nicolas Sarkozy after a meeting with new Prime Minister of Italy, Mario Monti at the weekend.

All three were quick to assure you that will make every effort to prevent such a disaster. Investors, apparently, did not believe. On Monday, the yield on government bonds rose to the Italian 7.3%, exceeding the critical level of 7%. At the same time revenues from the country's Ministry of Finance sold debt securities amounted to € 567 million, while the agency had hoped to get for their € 750 million at the upper range.