Rodney Shakespeare: 'Euro-crisis to deepen due to bad banking' [PressTV]
- uploaded: Jun 1, 2012
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The EU's Economics Commissioner Olli Rehn says eurozone leaders must anchor their actions in more austerity if the eurozone is to avoid "disintegration" amid the economic crisis. Rehn believes that "default or disintegration" would likely cause much greater pain for Europe's citizens than further unpopular austerity and reforms, as it "would lead to terrible depression in Europe and around the world." His remarks come as EU leaders have been struggling to ease the Europe economic crisis and amid concerns over a Greek exit from the debt-stricken eurozone.