Markets pricing in endgame for the euro, warns UBS

Markets are “pricing in the endgame” for the euro as the situation moves faster than politicians can act, UBS has warned ahead of a key meeting between eurozone leaders and US President Barack Obama.

Mr Obama is hosting this year’s EU-US summit at the White House today, with the debt crisis at the top of the agenda. Attendees include European Council President Herman Van Rompuy and European Commission President José Manuel Barroso.

Last week, Andrew Bailey, deputy head of the Prudential Business Unit at the Financial Services Authority (FSA), said that British banks must prepare for some countries to exit the single currency – or for a complete break-up.

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