The International Monetary Fund (IMF) has for the first time accepted the prospect of the euro breaking up.
In its flagship economic survey of the world economy, the IMF acknowledged that there were fundamental "flaws" in the design of the single currency and said that one prospective "tail risk" is a "disorderly default and exit by a euro area member".
It is the first time the IMF has openly contemplated such an outcome.
Its previous forecasts disregarded such a scenario, and its managing director, Christine Lagarde, said earlier this month that it had no agenda to see the euro collapse. Read More