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18 May, 2010 14:50

Basis of Eurozone was fragile – European MP

The Eurozone is facing its biggest challenge to date as the currency crumbles under the weight of Greece's fiscal crisis.

On Monday the Euro slumped to its lowest level against the dollar for four years.

It has sparked criticism about the body's handling of the bailout for Athens, with some warning that this could be the beginning of the end for the European Union.

Marta Andreasen, Member of the European Parliament and the UK Independence Party, thinks that “the basis on which the Eurozone has been set up was fragile and now we are starting to see the consequences of this.”

She also added that if the currency were to fail, there would be “a rethinking of the European Union as a whole.”

“The Eurozone involves countries that have very different economic situations – they had it at the beginning when they joined the Eurozone and these situations have been aggravated. And probably the Euro has been covering up for these differences but now it is pretty visible that we have different economic situations and we can’t really balance them,” Andreasen added.

Read also – Plummeting Euro To Send Global Economic Tsunami to Every Nation