Baku, Fineko/abc.az. First President of European Bank for Reconstruction and Development (EBRD) Jacques Attali has announced the prospects for crash of common European currency even before Catholic Christmas.

J. Attali said that the only question now is whether euro will still be kept on Christmas.

" There is only one chance of two that common currency will be kept by that time or will be in crumbling process at least ",- J. Attali noted.

The French banker’s pessimism is shared by world stock operators as well who have already started preparing their trading systems in case Greek drachma , Italian lira and German mark urgently revert from historical nonexistence.

" In order to prevent crash of euro European Central Bank should be allowed to purchase state bonds that appeared in Euro zone countries’ crisis. Besides certain countries should be deprived of part of their financial sovereignty introducing supranational control over budget. Such are these 3 steps. The first one can be carried up in 5 minutes, the second- in a week and the third- in 6 months. But all three should be carried up simultaneously. Otherwise we are approaching disaster ",- J. Attali said.

In the XIX century the group of Greek creditors already applied practice of external management of state budget.

Yesterday German chancellor Angela Merkel and French President Nicolas Sarkozy stated that Italy’s promissory crash will inevitably mean end of euro. Debt crisis is ongrowing in Eurozone. Total debt of 17 states comprising it makes 89% GDP with necessary 60% of GDP in accord with Maastricht agreements. Not only peripheral economies ( Greece’s debt -  166% GDP, Portugal’s - 106%, Italy’s- 122%) but also the region’s largest economies (Germany- 83%, France - 87%, Spain - 67%) exceed permissible margin.

29.11.2011 14:10