Unicredit CEO says has nightmares about Europe

UniCredit Chief Executive Federico Ghizzoni said sovereign debt concerns about Ireland are causing him to have "nightmares about Europe as a whole". Ghizzoni said the issue urgently needed to be addressed, with Europe's credibility and the strength of the euro at stake. Europe had the necessary tools to deal with the crisis, but the process "needs to be accelerated" to calm market volatility, the bank chief added.

"I am concerned about the fact that if not politically properly addressed, it will continue to be in the market, generating volatility," Ghizzoni told reporters at a Frankfurt banking conference. Asked whether Ireland should accept a bailout, Ghizzoni said: "(It) could be good to reach an agreement, but we have to respect the independence of Ireland."