Debt default by Greece threatens the stability of the European currency union

The President of Germany's Bundesbank, Axel Weber, has added HIS voice to warnings that a debt default by Greece would threaten the stability of the European currency union. He warned of "serious contagion effects" which could spread to other European nations. German and EU regulators are also increasingly concerned over the role of derivative traders or speculators, who some believe have declared war on the euro zone.