With a massive infusion of $1 trillion from governments, the euro has overcome one of its gravest crisis ever. However, in a note to its client, Citigroup has warned that the eurozone is likely to fall apart unless the European Union's member states fuse both on the fiscal and political level.
The financial services firm, the largest in the world and one of America's big four banks, says that if such integration is not on the cards, the euro area is "doomed" even if the current Greek crisis is resolved.
"Without a preparedness amongst the major nations - Germany in particular - to head in this direction, we fear that the euro as a common and expanding single currency will inevitably be doomed," the analysis continued.
In February this year, hedge fund wizard George Soros also warned the eurozone was bound to break up without fiscal union.
"A makeshift assistance should be enough for Greece, but that leaves Spain, Italy, Portugal and Ireland. Together they constitute too large of a portion of the Euroland to he helped in this way…The survival of Greece would still leave the future of the Euro in question," he told the Financial Times. http://euobserver.com/19/29905
The summary of all these? Forging a political union, as predicted in the Scriptures, is almost a no-go-back issue for Europe.
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