English
The European single currency could disappear, if Europe doesn"t successfully solve the issues faced by its fundamental institutions that were brought to light by the Greek crisis, said Joseph Stiglitz, winner of the Nobel prize for Economics, quoted by AFP.
Stiglitz also said for BBC 4, that the financial package that the European Union and the International Monetary Fund set up for Greece in exchange for extremely severe austerity measures, did little to dissuade speculators who bet on the depreciation of the Euro.
According to Stiglitz, "if Europe doesn"t solve the fundamental issues of its institutions, the Euro be short lived".
According to Stiglitz, the EUR 110 billion package, prepared for Greece, could reduce the burden placed by speculators on Greece, for a while, but in the long run it will have the opposite effect.
Greece is not the only country in Europe that is facing financial difficulties, and analysts fear that Spain and Portugal could be next.
"When one sees how difficult it was for Europe to adopt a joint position on the matter of helping a small country, one comes to realize that it would be harder for Europeans to reach a consensus if a bigger country were in a similar situation", said Joseph Stiglitz.
Euro
Dolar SUA
Franc elveţian
Liră sterlină
Gram de aur
