Corporate Treasurers Say "Something Has Got to Give" with the Euro
A EuroFinance survey of international corporate treasury professionals revealed an overall lack of confidence in the robustness of the euro. Of the 607 global respondents, only 10% strongly agreed that there would be no change in the next five years, with 36% saying there is a more than 40% chance that one or more countries will drop out. Those outside the eurozone were much less optimistic (47%). However, only 1% thought that the euro would cease to exist entirely by 2016.
“Corporate treasurers do not think that the euro is doomed,” said Katharine Morton, managing editor, EuroFinance, “but that there is a reasonable probability that at least one country will leave in the next five years. To that extent, they appear more optimistic than George Soros.”
Looking further ahead, Arnab Das, managing director of Roubini Global Economics, told EuroFinance that in the next 20 years “if the eurozone survives, it will look quite different. It’s essentially binary: either it will be more deeply integrated, or it will have torn itself apart.”