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June 4, 2005

Euro facing meltdown as Italy considers backing out

Topics: International News

EUROPE'S political crisis spread to the euro yesterday after Italy publicly discussed abandoning the single currency and reverting to the lira.

The Italian suggestion, once unthinkable to the European establishment, comes as a poll showed a majority of Germans want to pull out of the euro and revive the Deutschmark.

The threats to the future of the euro have disturbed currency markets already nervous about the growing crisis over the European Constitution.

In his remarks yesterday, Roberto Maroni, the Italian welfare minister, said it was no longer unthinkable that the country would abandon the euro and revert to the lire.

The single currency "has proved inadequate in the face of the economic slowdown, the loss of competitiveness and the job crisis", he said.

Posted by Hyscience at June 4, 2005 2:20 PM

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