‘Speedy demise better than slow death for euro’

THE euro is heading for collapse because of the crisis in Greece, and a speedy demise may be better than a “slow death” for the single currency, former foreign secretary Jack Straw warned yesterday.

Mr Straw became the most senior British politician to say that the eurozone “cannot last”, as he urged ministers in the House of Commons to prepare Britain for “alternatives” to the single currency.

His comments came as EU finance ministers refused to hand the Greek government a second bailout package of €12 billion unless it agrees to implement a €28 billion set of austerity measures which include tax increases and massive spending cuts.