Central Banker: Eurozone Setup Unsustainable

ECB President Draghi arrives at the European Parliament economic and monetary affairs committee in Brussels on Thursday. Photo: Reuters

A Terse Warning for Euro States: Do Something Now -- New York Times

FRANKFURT — Mario Draghi, the European Central Bank president who pulled the Continent back from the financial brink late last year, is facing an even more daunting challenge as the debt crisis in Spain deepens. But this time, he may have a harder time fashioning a rescue plan that will work.

In a warning to political leaders, Mr. Draghi told members of the European Parliament on Thursday that the central bank is reaching the limits of its powers and now it is up to politicians to move quickly and decisively because the survival of the euro, the Continent’s common currency, is at stake. The structure of the currency union, he said, had become “unsustainable unless further steps are undertaken.”

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More News On The Eurozone Crisis

Eurozone set-up is unsustainable, says bank chief -- Sydney Morning Herald
ECB, EU officials warn euro's survival at risk -- Reuters
Euro setup is unsustainable, ECB chief warns -- Bloomberg Businessweek
Eurozone is 'unsustainable' warns Mario Draghi -- The Telegraph
Euro is facing disintegration, Commission warns -- The Telegraph
Current eurozone set-up is 'unsustainable': Draghi -- AFP
European Central Bank to Hold Fire For Now as Crisis Rages -- Bank Tech/Reuters
Euro’s Survival Chances Dropping, as ECB Tries to Prevent Bank Run -- Value Walk
The euro is going up in smoke - and there's no fire brigade to stop it -- The Telegraph