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Hague: The euro is a burning building with no exit

29 September 2011 08:43 (UTC +04:00)

Baku - APA-Economics. William Hague today compares the euro to a â€˜burning building with no exitsâ€™ as he warns that Europe threatens to become a â€˜dividing lineâ€™ in the Coalition, APA reports citing BBC.

The Foreign Secretary labels the currency a â€˜historic monument to collective follyâ€™ and calls for the EU to give more powers back to Britain.

â€œYou can have burning buildings where they manage to put out the fire or control it or get more room or something. I might take the analogy too far but itâ€™s not built with exits so it is physically a difficult thing to leave a currency without any plan to do so I donâ€™t think we can advocate that but they are on very unpalatable choices and it clearly means that being in the Euro that Greeks, or Italians or Portuguese have to accept some very big changes in what happens in their country, even bigger than if they werenâ€™t in the Euro and Germans will have to accept that they are going to subsidise those countries for a long time to come really, for the rest of their lifetimes.â€