As much as everyone would like the Eurozone to stay in one piece, it's not likely nor does it even make much financial sense. The latest plan to ram through a bailout is opening up divisions inside the European Union. The Dutch are balking at the bailout and of course, everyone knows that once it's wrapped up the focus will be Portugal and beyond.
Speaking in London after a meeting with the chancellor, George Osborne, de Jager said it was "illusory" to hope that Europe's banks would voluntarily bear their fair share of the costs of a new bailout for Athens, and that President Sarkozy's current proposals let Greece's private sector creditors off too lightly.
Any evidence of a fresh split among European policymakers will increase anxiety in the financial markets, which were rattled on Wednesday by news that ratings agency Moody's had downgraded Portugal's debt to junk status.
"We do have concerns about the French scheme," de Jager said. "I think it's illusory to think of such a scheme as voluntary, so we have to work on solutions so that banks reach a level playing field.
