Woolnough: euro will fail

The euro will fail, M&G's Richard Woolnough declared today.

The fixed income stalwart described it as a "strange thing" to have a single currency, price and interest rate across a wide economic block. Speaking this morning at the 2010 Fidelity FundsNetwork Investment Forum, the M&G Corporate Bond manager said he expects the eurozone, at some stage, to revert to national currencies. "I think the euro will fail," he said, "whether that be in 1,000 years, 50 years or next week, who knows?" Woolnough's comments come just days after Angela Merkel spooked global markets by declaring the euro was "in danger". The under-pressure German Chancello...