Europe suffering 'psychological breakup', warns Italy's Monti
Italian prime minister Mario Monti fears that the eurozone is already going through a “psychological breakup” which must be urgently contained.
Speaking to German magazine Der Spiegel, Monti warned that the ongoing eurozone debt crisis is leading to growing resentment between European members that threaten to tear the currency bloc apart.
“The pressures which have accompanied the eurozone in recent years already bear the traits of a psychological breakup of Europe,” the prime minister said.
“There is a front line in this area between north and south. There are reciprocal prejudices. It is very alarming and we must fight against it.”
Monti also warned that any disintegration of the eurozone could “destroy” the founding of the whole European Union project.
“Therefore it is the prime task of the nations’ leaders to explain to their citizens Europe’s real situation, and not give in to prejudices,” he added.
Monti also stated that he will remain in office until April 2013 and said he will need “moral support” from Germany to restore Italy’s financial health.
“I hope that I can help rescue Italy from financial ruin with moral support from some European friends, especially Germany,” he told the magazine. “But I say quite clearly: moral support, not financial. I emphasise: not with financial help.”
Monti’s comments came after European Central Bank president Mario Draghi said fears over the “reversibility of the euro are unacceptable” are unacceptable and need to be urgently addressed to tackle high sovereign borrowing costs on the eurozone periphery.
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