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Economist says Euro crisis could erupt again this year

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press
Friday, January 25, 2013 - 1:17 pm

DAVOS, Switzerland – Is the euro crisis over? A leading U.S. economist says not by a long shot.

Even as the head of the European Central Bank talked Friday of "positive contagion" in the markets and predicted an economic recovery for the recession-hit eurozone later this year, economist Barry Eichengreen warned that the debt crisis that has shaken Europe to its core could easily erupt again this year unless European leaders move faster to solve their problems.

He warns that the crisis over too much debt burdening governments and banks in the 17-country currency group "is going to heat up again in 2013."