Euro area collapse 'not likely'

The euro zone is not likely to fall apart because member states have invested a lot in it, Bank of Finland Deputy Governor Pentti Hakkarainen said on Wednesday.

"So much has been invested in euro zone.... It is a joint corner stone for managing economy and it has been very useful," Hakkarainen told in a television interview with Finnish broadcaster MTV3.

When asked if euro area could collapse, he said: "I don't think so."

But Hakkarainen noted no quick fix to financial turmoil was to be expected.

"Greece, whole Europe and this tangled skein of global financial problems it will take time. One cannot think that next weekend or with one action these issues could be solved."

European Union leaders will meet on Sunday in Brussels to discuss on Greece's crisis and how to prevent market contagion to bigger economies.