A Terse Warning for Euro States: Do Something Now

http://www.cnbc.com/id/47642132

Mario Draghi, the European Central Bank president who pulled the Continent back from the financial brink late last year, is facing an even more daunting challenge as the debt crisis in Spain deepens. But this time, he may have a harder time fashioning a rescue plan that will work.



In a warning to political leaders, Mr. Draghi told members of the European Parliament on Thursday that the central bank is reaching the limits of its powers and now it is up to politicians to move quickly and decisively because the survival of the euro [EUR=X 1.2377 0.0018 (+0.15%) ], the Continent’s common currency, is at stake. The structure of the currency union, he said, had become “unsustainable unless further steps are undertaken.”



It seems Spain banks are having a run on them now and Spain is a whole different situation than Greece