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The pattern of the largest money manager world predicts that the euro hit by fear that the Ireland financial woes could extend the Portugal and Spain, fall 10pc to $1.20 to the dollar.

Mr. Fink told the Financial Times: "the fundamental problem is the most European sovereign credit is owned by the system bancaire.Le banking system was supported by regulators sovereign credit ratings so you could have bought Ireland and he had the same rating Germany credit at the same time... that the policy was clearly erroneous."

Huge amounts of government debt which European banks now hold, he added: "' you some thing understood and freely exchanged and people invested in something that nobody wants." "

The crisis has led to the euro-ère highs in the cost of borrowing for the Ireland Spain and despite the United States Portugal.Et restart EQ, the dollar, which has affected up to nine weeks of $1.3199 against the euro Friday - will "appreciate much", said Mr. Fink.

"The euro will probably go back to $1.25 and $1.20 even with QE2 action of the Federal Reserve... then imagine if the Fed were not this where dollar/euro is", he added.

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