Milburn: Europe must act now or risk 'game over' for euro

Eurozone leaders need to act within the next few days or it will be "game over" for the euro, warned Kames Capital's Phil Milburn.

The manager of the £434m Kames UK High Yield Bond fund, alongside Melanie Mitchell, has been highly critical of how leaders in Europe have handled the mounting debt crisis.

His fears intensified when Italy's 10-year government bond yields broke through the ‘danger zone' of 7% on Wednesday.

"If authorities do not act within the next few days it will be game over for the euro. Things can come to a head pretty quickly and it will be a train wreck. It will get worse before it gets better but the authorities need to act now."

He added that although investors were relieved three weeks ago when the eurozone rescue package was unveiled, fear quickly returned to the markets.

"It seemed like [Angela] Merkel and [Nicolas] Sarkozy had finally got it but they did not have the popular mandate to force through enough.

"Now we are rapidly accelerating to the moment of truth. Does the euro die or survive?"