By Daily Mail Reporter
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Dieter Zetsche: Chairman of Daimler
The boss of Mercedes-Benz has cast doubt over the survival of the euro in comments likely to send shockwaves through the ranks of politicians in Germany.
Dr Dieter Zetsche, chairman of Mercedes parent company Daimler, said that six months ago he was certain the euro had a future but now he was not so sure.
The remarks from one of Germany’s most senior industrialists will be a hammer blow to German Chancellor Angela Merkel’s government as eurozone politicians seek to stitch together a deal to save the currency.
Pressed further on whether Greece, Spain and Italy would leave the euro to trigger a complete collapse, Zetsche said that ‘psychology’ was at play, and there was a danger that talking down the euro could create a ‘self-fulfilling prophesy’ and lead to the very collapse that he wanted to avoid.
He said he fully supported the euro project, even though the UK had chosen not to be part of it.
‘I’m convinced we have major benefits from the euro.
'Europe without the euro would be poorer,’ he said adding that the situation with Greece was ‘not sustainable’.
He said the current debt-financing arrangement had to end.
Last night Angela Merkel finally gave ground over new measures to save the stricken single currency following an extraordinary summit, signing off a deal which will allow the eurozone’s £600billion bailout fund to invest directly in Spain and Italy’s crippled banks.
Stock markets across Europe rallied on the news, despite warnings that the complex deal may prove to be yet another ‘sticking-plaster’ solution.
In Germany, where Merkel's previous reluctance to extend aid to the country's profligate southern neighbours had proved popular with voters, she faced vicious backlash, with opposition SPD accusing her of making a ‘180-degree turn’.
But Italy’s prime minister Mario Monti and his Spanish counterpart Mariano Rajoy had threatened to block a £100billion growth fund unless Mrs Merkel gave way. In an extraordinary power play they were backed up by France’s new Socialist president, Francois Holla nde.
In return, Mrs Merkel demanded agreement that all of the eurozone’s banks would come under the supervision of the European Central Bank in Frankfurt.
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