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ON YER MARKS; Germany races to old currency in case euro failsprint.

Byline: Nigel Nelson

EUROZONE countries are making plans to return to old currencies in case the euro collapses.

And Germany is already producing Deutschmarks in case crisis turns to chaos, according to one analyst.

"They have already got the printing machines going," said Dr Pippa Malmgren, former economic adviser to ex-US president George W Bush. "And they are bringing out the old Deutschmarks."

German Chancellor Angela Merkel will meet French President Nicolas Sarkozy tomorrow to sort out EU treaty changes.

She wants EU states to agree a common stand on tax and spending to bring their economies into line. "We need budget discipline and an effective crisis management mechanism," she said.

The pair's plan to save the euro will be put to all 27 EU leaders, including Enda Kenny and David Cameron, in Brussels on Thursday and Friday. Experts say this really could be the euro's last chance before Europe plunges into a ruinous slump. But the single currency's architect, former European Commission president Jacques Delors, fears it may be too late. He said the euro was flawed from the start as members' economies were so different. And without closer political union this crisis was inevitable.

"Everyone must examine their consciences," he added. "It was a combination of the stubbornness of the Germanic idea of monetary control and the absence of a clear vision from all other countries."

The People has found some experts are putting money under the mattress for fear British banks will collapse with the euro.

They are drawing wads from accounts in case cash machines and credit cards no longer work. The action would cause a devastating run on banks if it spread.

The Prime Minister hopes to win back some powers from Brussels if treaties are to be changed. "This is the best chance Britain will have to renegotiate our deal with the EU," said Tory ex-Cabinet minister John Redwood.


words go TOUGH: Merkel demands discipline on EU budgets
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Publication:The People (London, England)
Date:Dec 4, 2011
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