....If EU breaks up. http://www.telegraph.co.uk/finance/financialcrisis/8846201/Debt-crisis-live.html By Matthew Holehouse, Andrew Trotman and Rachel Cooper2:33PM GMT 11 Nov 2011 JosÃ© Manuel Barroso warns: a eurozone collapse will send the continent into depression. The collapse of the eurozone would cause a crash that would instantly wipe out half of the value of Europeâs economy, plunging the continent into a depression as deep as the 1930s slump, the president of the European Commission has warned. Mr Barroso said that if the euro area of the 17 member states or the wider 27-country EU broke apart the estimated initial cost would be up to 50 per cent of European gross domestic product. The result of such an economic shock would be emergence of extremism and divisions within Europe, the former Portuguese prime minister told his German audience. A eurozone crash, the commission has predicted, would see Â£10 trillion wiped off the value of the European economy, a catastrophe that would send living standards plummeting to the levels of Latin America.