UBS: Euro Can't Survive, Demise to Spark Chaos
Wednesday, 07 Sep 2011 12:39 PM
By Forrest Jones
The euro cannot exist in its current state, and with its demise authoritarianism and possibly civil war could consume parts of Europe, global financial giant UBS writes in a report.
"Under the current structure and with the current membership, the euro does not work. Either the current structure will have to change, or the current membership will have to change," UBS says in the report, according to Zero Hedge.
The currency has been embattled by debt crises in peripheral countries like Greece and Italy and threatens to spread, while healthier countries are debating on how to rescue those in trouble and preserve the monetary union.