Former German Finance Minister Peer Steinbrueck said he’s convinced several countries will leave the euro area, Bild am Sonntag reported in a preview of an article to appear today.
Steinbrueck declined in an interview to name any of the countries that might leave the euro region, although he did predict that the common currency will survive, the newspaper reported.
He also said he supported allowing ailing financial institutions in euro countries to go bankrupt, adding that Europe needs banking insolvency laws, Bild reported. Steinbrueck added that he opposed a European deposit insurance program and that the euro crisis was pushing Germany’s democracy to the limits of its ability to handle risk and complex issues, the newspaper reported.
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