Sources close to the Spanish government said on Wednesday that a crucial Brussels summit at the end of the month would have to find a solution by agreeing to establish a eurozone banking and fiscal union, without that deal euro would be finished within months, The Guardian reported.

Europe was hit by a serious financial crisis in ۲۰۰۸ and the situation has intensified over the past few months.

Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of ۲۰۰۸, taking with it millions of jobs.

The worsening eurozone debt crisis increased Spain ' s financing costs and raised concerns that the country might have to seek a European Union bailout, like Greece.

Earlier in the day, George Soros, a US billionaire investor, was quoted as saying that Europe has only three months to save euro.

" In my judgment, the[European] authorities have a three months ' window during which they could correct their mistakes and reverse the current trends, " he said.

Soros added that the eurozone financial crisis would reach a climax in the fall of this year, when the German economy would also decline so that German Chancellor Angela Merkel “will find it even more difficult than today to persuade the German public to accept any additional European responsibilities."

" That is what creates a three months ' window, " he explained.

Press TV