Italy's Monti: Euro Zone Woes Spell Europe's Dissolution

"The tensions that have accompanied the euro zone in the past years are already showing signs of a psychological dissolution of Europe," Italy's Prime Minister Mario Monti said in an interview with Germany's Der Spiegel. Photo by EPA/BGNES

Italy's Prime Minister Mario Monti has issued a serious warning of a potential breakup of Europe, saying disagreements inside the euro area undermine the crisis response and EU future.

"The tensions that have accompanied the euro zone in the past years are already showing signs of a psychological dissolution of Europe," Monti said in an interview with Germany's Der Spiegel.

While he backed the ECB's willingness to address "severe malfunctioning" in the government bond market, Monti said the problems "have to be solved quickly now so that there's no further uncertainty about the euro zone's ability to overcome the crisis."

Spain and Italy suggested that bailout requests may not be imminent or necessary.

Italy is so far resisting ECB President Mario Draghi's attempt to have it formally request help before the central bank will buy their bonds.

Monti told Spiegel that he intends to stay in office until April 2013, when Italy is due to hold elections.

The Italian prime minister voiced hopes he "can save Italy from financial ruin until then, with the moral support of some European friends, and Germany foremost. But I say very clearly: moral support, not financial."

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