Brown: France, Italy Face Exits

    Former British Prime Minister Gordon Brown leaves the High Court with his wife Sarah after giving evidence at the Leveson Inquiry, London, Monday, June 11, 2012.  In his testimony to the Leveson media ethics enquiry, Brown on Monday accused a Rupert Murdoch-owned tabloid newspaper of personally attacking him, failing the British people and undermining the war in Afghanistan through its coverage of the conflict. (AP Photo/Tim Hales)

    Tim Hales / AP Photo

    Europe’s common currency may become even more of a common liability, former British Prime Minister Gordon Brown cautioned on Friday. In a column published by Reuters, Brown wrote that countries like France and Italy, and not just nations with smaller economies like Greece and Portugal, may be forced out of the euro zone. “The standard, but often empty, language of summit communiqués will simply not do when the euro area is finally approaching its own day of reckoning,” Brown wrote. While some have said that the euro has resulted in two Europes, one embroiled in debt and the other carrying their burden, Brown disagreed. “Even German banks, which are some of the most highly leveraged, are not immune from needing more capital,” he wrote.

    Read it at Reuters