FRANKFURT—European Central Bank President Mario Draghi delivered his sternest warning to date on Europe's debt crisis, saying it could cripple financial markets and the economy unless effective actions are taken by governments.
"We are in a very grave state of affairs and we must not shy away from this fact," Mr. Draghi said in testimony to the European Parliament.
Three months ago, Mr. Draghi's predecessor, Jean-Claude Trichet, told the same group of lawmakers the crisis had reached "systemic dimensions." Mr. Draghi on Monday said "the situation has worsened further" since then. LINK...
