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Thursday, 15 September 2011

Euro zone cannot be saved, says Mr Lee Kuan Yew

Collapse will be painful, but one-tier Europe too hard to achieve, he says

By Rachel Chang & Teo Wan Gek

Former Prime Minister Lee Kuan Yew believes the euro zone cannot be saved, although the collapse of the currency union will be 'a very painful business'.

Speaking at a dialogue on Wednesday to mark the seventh anniversary of the Lee Kuan Yew School of Public Policy, he said European leaders will try very hard to keep the euro zone from collapsing as this would be 'an admission that their aspiration of one Europe is not achievable'.

'But I do not see it being saved. But they'll try and keep it going.'

He was speaking in response to a participant asking if Singapore would buy the bonds of debt-ridden European countries. The participant was referring to reports that Italy had asked China to buy its bonds.

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