BERLIN, June 2 (UPI) -- Top German finance officials recently discussed abandoning the euro over fears the single currency was doing serious harm to their economy.
Germany's Stern magazine reported Finance Minister Hans Eichel called a secret Berlin meeting last week, which included Axel Weber, the Bundesbank chief and began with a briefing by Joachim Fels, Morgan Stanley's eurozone economist.
Fells discussed the enveloping budget deficit crisis in southern Europe, notably Italy, and warned of a "meltdown" risk that could break up the euro-zone, the Telegraph said Thursday.
He told them high-debt states were unlikely to leave the eurozone by choice, but Germany and a few other nations could save themselves by leaving.
Earlier this week Fels repeated his warning, saying Europe was now "on a slippery slope toward disintegration and instability. The risk of a euro wreckage has risen significantly."
The anti-euro contingent says lower interest rates have helped Portugal, Greece, Spain and Italy as they enjoy a windfall from Germany's coveted credit rating in the form of low interest rates. But the loss of the Germany's mark six years ago has resulted in a slump for the more fiscally disciplined nation.
