I will grant you that this is not a normal economic recovery. We’ve just come out of what I believe is the most extraordinary and virulent global financial crisis that the world has ever seen,” he said.
“This recent decline is more international than it is a domestic affair,” he said, adding that “there is an inherent instability in the euro system.”
“I don’t know where the end game is. Something has got give here. One possibility is there are fewer members of the European Monetary Unit,” said Greenspan, who was Federal Reserve chairman for 19 years before retiring in 2006.