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“We are potentially facing the demise of the Euro by Christmas” - Sharon Bowles MEP

December 2, 2011 11:45 AM

Sharon Bowles MEP, who chairs the European Parliament's powerful Economic and Monetary Affairs Committee, has warned that there may not be a Eurozone come Christmas.

Speaking to a conference of mortgage industry leaders yesterday, Ms Bowles said:

"We are potentially facing the demise of the Euro by Christmas and if that happens it will wreck our economy.

"Contrary to what the Eurosceptics say, the issue now is not whether the UK remains in the EU but how we contain the Eurozone crisis.

"If the Euro breaks up, I think there will be rampant protectionism. Even if you get a smaller Euro with just the AAA countries huddling together they will still go down the track of protectionism.

"If the Euro breaks up then countries, including theUK, should work to save the EU, so that we continue to benefit from the Single Market and avoid a situation of every man for himself.

"We need something concrete and substantial next week from leaders. Promises and packing up for Christmas holidays will not do."