His logic is nearly the same as I have stated many times: There's simply too much debt in the system coupled with no political will by Germany to get involved in a transfer union.

Please consider Former BoE chief King predicts collapse of the eurozone.

Mervyn King, the former governor of the Bank of England, predicts the collapse of the eurozone in a book published this week, going further than his well-known private scepticism for the European single currency.

In extracts from The end of alchemy: banking, the global economy and the future of money, he says the burden of debts between nations in the eurozone "may become too great to remain consistent with political stability".