Europe’s single currency is ‘almost certain’ to break up within the next five years as a direct result of the Greek debt crisis, international financial experts warned last night.

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Greece’s economy is small but the shock waves from a default on its debt could be amplified by links in the global financial system to hurt stocks, banks and entire economies far from the epicenter in Athens.

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Greece on Wednesday drew 5.5 billion euros (6.9 billion dollars) from an emergency International Monetary Fund loan, becoming the first eurozone country to be forced to resort to the IMF for aid. continue

The European Union’s economy commissioner warned that Europe’s debt crisis could trigger deflation across the 16 nations that use the euro if Greece and others don’t make tough reforms.
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European leaders are facing a moment of truth at a Thursday summit, as markets press them to come up with a financial safety net for Greece — with help from the International Monetary Fund — to stop the euro’s slide and keep debt crises from afflicting more eurozone countries.
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