Europe is digging an ever-deeper hole as it vows to resolve the eurozone crisis, experts said on Sunday as Greece readies for a pivotal week of international debt diplomacy. "The otherwise fractious European Union leaders have united in their criticism of the markets, the IMF and now (US Treasury Secretary) Tim Geithner -- for being honest about the scale of problems facing the eurozone," Sony Kapoor, head of the Re-define think tank, told AFP. En route to New York and a frantic week at International Monetary Fund, World Bank and G20 gatherings, he said "kill the messenger seems to be the new strategy" for an EU "plagued by parochialism, pettiness and procrastination."
Eventually, Schmidt, (Boston University 's Vivien Schmidt), believes, the eurozone "will take the big leap" towards "e-bonds and common fiscal policy, which is the only answer to the crisis," but the question is when.
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The European debt crisis could destroy the European Union and even throw the continent into war, says Polish Finance Minister Jasek Rostowski. "Europe is in danger," Rostowski told European Parliament in Strasbourg , according to Novinite.com, an English-language Bulgarian news service. Poland currently holds the rotating EU Presidency. Debt woes in peripheral countries like Greece are threatening to spread across the continent and affect banks elsewhere. Moody's recently downgraded French banks Societe General and Credit Agricole, and further problems in the French financial sector could put U.S. financial institutions at risk. "If the eurozone breaks up, the European Union will not be able to survive," and war could erupt, Rostowski says.
Polish Official: Europe Debt Crisis Could Lead to War
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