Ms Bowles also warned that, now more than ever, Europe was in need of enterprising and comprehensive measures to stave of the crisis and restore confidence to the markets.
She said: "European leaders are working on borrowed time to come up with viable solutions. They have to sort out a plan for Greece, recapitalise banks, and work out how to get more bang for their buck out of the European Financial Stability Facility.
"Two out of three of these will not be good enough if they want to create a credible framework to solve the euro crisis and reinstall confidence in the markets.
"The stakes have never been higher so if European leaders really are committed to doing everything it takes to save the euro they must pull out all the stops.
"There is no time for half measures. Leaders have to be enterprising - for example they could lower the rating on the European Financial Stability Facility."
Press release
© Sharon Bowles
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