Euro Crisis – Former German Chancellor Schmidt – Could End Badly

Since the beginning of the debt crisis, the European rescue efforts might have managed to save a number of banks, but they have failed so far in preventing recessions, lowering unemployment rates, or even decreasing anxiety, said former German Chancellor Helmut Schmidt according to a Handbelsbalt report.

“After half a century since the beginning of European integration, we find ourselves in a profound crisis in almost all of the European institutions.” the report quoted him as saying.

Mr. Schmidt also argued that Germany has a legal obligation to continue supporting and rescuing Europe under Article 23, paragraph 1 of the German Basic Law, which requires Germany to participate in the development of the European Union.

“Either to fight the financial crisis as individual states with dwindling prospects of success, or we return to the concept of progressive European network,” he warned…

Source:

via eFXnews : Euro Crisis Could End In An Apocalyptic Style – Former German Chancellor Schmidt.