Fitch Warns Of 'Cataclysmic' Euro Collapse -- Sydney Morning HeraldThe European Central Bank should ramp up its buying of troubled euro zone debt to support Italy and prevent a "cataclysmic" collapse of the euro, David Riley, the head of sovereign ratings for Fitch, has warned.
Speaking to investors as part of a European roadshow, Mr Riley said a collapse of the euro would be disastrous for the global economy, and while it is not Fitch's baseline scenario, it could happen if Italy did not find a way out of its debt problems.
"The end of the euro would be cataclysmic. The euro is a reserve currency," Mr Riley said overnight. "What would that do in terms of financial and political stability?"
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More News On The Euro Debt Crisis
Euro falls on worries of deepening debt crisis -- CBC
Euro hit by fresh warnings of debt downgrades -- MSNBC
Unhappy new year: Euro-zone leaders meet and talk, but have not resolved their crisis -- The Economist
Now investors pay to lend money to Britain, which has become a safe haven thanks to the eurozone crisis -- Daily Mail
Europe’s economies: A false dawn. The recession has been mild so far. But things are likely to get much worse -- The Economist
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