The entire European Union faces being ripped apart, with the real possibility of countries, led by Greece, collapsing into bankruptcy.
Meanwhile new figures show bankers and finance workers in the UK earned bonuses totalling nearly £14 billion despite government attempts to curb city excesses.
The sum is almost 60 per cent higher than in 2000/01.
The revelations come as the 'greed culture' of bankers both in the UK and US was being blamed for triggering the global crisis.
The International Monetary Fund (IMF) has ordered eurozone leaders to take immediate action over the EU debt crisis amid fears it could prove "very costly" and there is a real prospect of an end to Europe's role as a world economic player.
The massive and unregulated bonuses in the UK sit particularly uneasily with the man in the street right now as another unregulated industry, newspapers, has been shown to be corrupt, criminal and morally bankrupt.
The disclosures sparked a furious reaction from politicians, unions and campaigners who said the figures showed the "sheer greed" of the sector.
And public anger against bonuses paid out to Britain's powerful financial industry has remained high in the wake of the credit crisis, which saw taxpayers' money used to bail out and rescue several leading British banks.
Lord Oakeshott, the former Liberal Democrat Treasury spokesman, said: "These banking bonus figures show sheer greed.
"Our country won’t believe 'we are all in this together' until the Government gets a grip on bank bonuses.
"Our broken banking system is just as toxic for Britain as politicians and police crawling up to Murdoch. We must get to the bottom of both scandals."