SWITZERLAND - A top economist has painted a bleak picture of the eurozone despite deluded Brussels bureaucrats insisting it can bounce back. The current situation for many countries in the EU has been labelled “bleak” as they remain in huge debts and cannot find a way out, according to Joseph Stiglitz. The renowned economist and professor was speaking on Wednesday at the World Economic Forum’s annual meeting in Davos. Mr Stiglitz said in a meeting titled ‘Fixing Europe’s Disunion’ the Euro was not created against a backdrop of institutions which could support it. And as a result, he said, it is failing.