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Is the Euro Over? Simon Dixon comments

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Published on May 26, 2012

European Central Bank President Mario Draghi says the EU is living "a crucial moment in its history" and urged Europe's leaders to take bold measures to tackle the bloc's deepening debt crisis.

Stay up to date with Simon on Twitter @SimonDixonTwitt or on his blog http://www.SimonDixon.org

Draghi made the comments a day after European officials met in Brussels to discuss plans on how to stem a financial crisis that has wreaked havoc in the continent, and prepare contingency plans in case Greece quits the single currency area.

The leaders concluded their latest summit early Thursday with few concrete steps to fix the financial crisis.

The EU leaders have held several similar meetings over the past months as the crisis in the eurozone keeps aggravating.

Press TV has conducted an interview with Simon Dixon, author of 'Bank to the Future', to hear his opinion on this issue. The following is a rough transcription of the interview.

Press TV: There is not much optimism coming from the side of EU leaders recently either on Greece or on the bloc as a whole. Are they reflecting what many have said that the euro "experiment" has turned out to be a failure?

Dixon: I think that is exactly what we are seeing right now. We are seeing the unfolding of the euro experiment. We are seeing a lot of people that want to keep hold of it. We are seeing a lot of people that do not know what is going to happen if their country do accept the euro but I think what we are seeing is the inevitable unfold and the experiment fail.

Press TV: Germany has long been looked at as a stable economy, yet of recent, it too is losing confidence amongst investors. What has changed?

Dixon: Well what we are seeing right now is an appetite not to lend to governments when you are seeing credit ratings downgraded across Europe. Now while Germany is in a very strong position, its economy is still dependent upon its partners in Europe and being dragged down with it essentially.

So, what we are seeing right now across Europe is governments focusing on financial management and how to find new markets for their debts instead of actually focusing on what they must be doing which is fixing their countries.

Press TV: Going back to my first question Mr. Dixon if we can, if this EU experiment really has failed, then what more is to come then for the EU as a bloc?

Stay up to date with Simon on Twitter @SimonDixonTwitt or on his blog http://www.SimonDixon.org

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