The euro has completely broken down as a workable system and faces collapse with \u201cincalculable economic losses and human suffering\u201d\u009d unless there is a drastic change of course, according to a group of leading economists.<\/p>\n
Europe is \u201csleepwalking towards disaster\u201d\u009d, according to the 17 experts, who warned that over the past few weeks \u201cthe situation in the debtor countries has deteriorated dramatically\u201d\u009d.
\u201cThe sense of a neverending crisis, with one domino falling after another, must be reversed. The last domino, Spain, is days away from a liquidity crisis,\u201d\u009d said the economists. They include two members of Germany\u2019s Council of Economic Experts and leading euro specialists at the London of School of Economics, all euro supporters.<\/p>\n
\u201cThis dramatic situation is the result of a eurozone system which, as currently constructed, is thoroughly broken. The cause is a systemic failure. It is the responsibility of all European nations that were parties to its flawed design, construction and implementation to contribute to a solution. Absent this collective response, the euro will disintegrate,\u201d\u009d they added in a co-signed report for the Institute for New Economic Thinking.<\/p>\n