Eurozone collapse ‘will send continent into depression’

The collapse of the eurozone would cause a crash that would instantly wipe out half of the value of Europe’s economy, plunging the continent into a depression as deep as the 1930s slump, the president of the European Commission has warned.

Debt crisis: live Markets continue to fall as poor economic data on Portugal and industrial production send Spanish 10-year bond yields to 6pc and German-Spanish spreads to a new record.

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