Monday, June 27, 2011
Euro on its way out?
Rumours are rife that Deutsche Mark may be re-introduced in Germany and the Euro shelved as the country's currency, a media report said.
There is speculation that Deutsche Mark bank notes are being printed again in preparation for ditching the euro; it's said that Germany's Central bank, Bundesbank, has been ordered to print marks as part of contingency plans to leave Europe's single currency, the Daily Express reported.
Since its introduction in 1999, the euro has had a tough time trying to win over a sceptical German public, who saw the mark - one of the world's most stable currencies - as a symbol of post-World War II prosperity, second only to the US dollar as the reserve option for investors.
In fact, according to a survey, almost three-quarters of Germans now doubt that the euro has a future. They also believe rescue attempts are futile as billions more euros will be paid to bail out Greece which is almost bankrupt.
The poll by German newspaper, the Frankfurter Allgemeine, found 71 per cent had "doubt", "no trust" or thought there is "no future" for the euro. Only 19 per cent expressed "confidence" in it. Sixty eight per cent said they did not think the emergency bail-out of Greece would work.
A separate poll last week showed more than half of Germans thought that Greece should be thrown out of the euro.