The European monetary union was breathing its last breath and the political fallout from the impending Greek default would send it packing, two economists said on Tuesday at the inaugural Credit Institute meeting in London.

Geoffrey Wood, a professor of economics at Cass Business School, and Charles Dumas, the chairman and chief economist at Lombard Street Research, a consultancy, both said the eurozone had never been underpinned by a fundamentally sound structure. "No known currency union has