Italys debt collapse will end euro, admit Merkel, Sarkozy

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Italys debt collapse will end euro, admit Merkel, Sarkozy

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Both the leaders say such a catastrophe would bring unpredictable consequences.

25 November,2011 06:42 pm

German Chancellor Angela Merkel and French President Nicolas Sarkozy have said a debt collapse in Italy would be the end of the euro, Italian Prime Minister Mario Montis press office said Friday.At a mini-summit with Monti in Strasbourg on Thursday, Merkel and Sarkozy said they were aware that a collapse of Italy would inevitably be the end of the euro, the press office said in a statement after a cabinet meeting.Such a catastrophe would stall the process of European integration with unpredictable consequences, it said.Monti said that Italy has recently demonstrated significant progress in terms of fiscal consolidation, while the commitment to make this consolidation sustainable will be implemented rapidly with measures to boost growth.Sarkozy and Merkel expressed their full confidence in Monti, it added.