Greenspan: Eurozone breaking apart

Former US Federal Reserve chairman Alan Greenspan has said the eurozone is breaking apart due to variations between economies in the north and south of Europe.

Former US Federal Reserve chairman Alan Greenspan has said the eurozone is breaking apart due to variations between economies in the north and south of Europe.

The 85-year-old economist said countries such as Germany and Finland have a culture of budgetary discipline while nations such as Greece consume more than they produce and build up debt.

Greenspan questioned whether the euro should be the common currency of 17 countries with significantly different cultures.

"The euro is breaking down," Greenspan said. "The reason we're so sluggish is the level of uncertainty."

The remarks, widely reported by financial newswires, saw the euro dip against the dollar and saw the cost of German government bonds rise.

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