The European debt crisis has revealed that the euro zone is in a final phase and cannot be saved as a single entity, David Murrin, chief investment officer at Emergent Asset Management, told CNBC.
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"Europe is in a terminal phase of its life. There is no way I can see a glomeration being a successful way of smaller entities into bigger entities without growth. There will be fractures. (There is) no way Europe is ever going to hold it together," Murrin said.
He added that the management of the crisis by European leaders had now become desperate.
"It's fascinating watching the European politicians desperately trying to hold the system together, which is bankrupt financially and in terms of its mechanisms for encouraging growth economies that move forward. Now they have to make pacts with each other, their desperation is very apparent," he said.
However, he said that Germany—which is in an incredibly strong position now—will never let anything lower its standard of living, but the "end phase" for Europe had already begun.
"We're right in the end phase right now. The general appreciation of these constant political meetings which produce absolutely nothing is that there is no substance behind the proposals with European leaders," Murrin said. Read more
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