OECD says Eurozone muddling risks "highly devastating outcomes"

The Organisation for Economic Cooperation and Development - or the OEDC - is now warning that a breakup of the single euro currency can no longer be ruled out.

It says the Eurozone is already in a mild recession and has downgraded global growth forecasts as a result.

The OECD has also put renewed pressure on the European Central Bank should play a bigger role is defusing the crisis.

Here's my analysis from Tuesday's edition of AM and a longer version broadcast on The World Today.