Europe needs trillions not billions to halt crisis: Insight

Insight head of currency Dale Thomas believes the European Central Bank will need to pump billions into the perhiperal Europe to alleviate the debt spiral and pressure on the single currency.

Thomas says the €110bn bailout for Greece is not enough to stabilise the region, warning the problems on the Continent should be viewed as similar to sub-prime in the US - which required a £3-4trn intervention. "There are clear correlations to the sub-prime crisis. While I do not think it has the ability to go global like in the sub-prime case, it is on that scale," he says. "The scale on what is needed is in the trillions. Full monetary and eventually untied fiscal action is required. "In this situation, we are short the euro against pretty much everything." Barings' Percival Sta...