Econintersect: Billionaire investor George Soros is pessimistic that a solution will be found in the Eurocrisis, and in an interview with SPIEGEL ONLINE stated:
As an investor, I would be very pessimistic, especially about Europe. But as a believer in an open society, I have to put my faith in the people and leaders of Europe to show some reason.
Soros’ position was that Germany was responsible for the Eurocrisis:
Germany will always do the minimum to preserve the euro. Doing the minimum, though, will perpetuate the situation where the debtor countries in Europe have to pay tremendous premiums to refinance their debt. The result will be a Europe in which Germany is seen as an imperial power that will not be loved and admired by the rest of Europe — but hated and resisted, because it will perceived as an oppressive power.
To read more of this interview:
With the EU summit set to start on Thursday, pressure is on European leaders to find a way out of the euro crisis. Investor George Soros is pessimistic that a solution will be found and says time is extremely short. In an interview with SPIEGEL ONLINE, he warns that Germany could develop into a hated, imperial power.
Other Recommended Reading On the Eurocrisis Today:
Economic Scene: Why Germany Will Pay Up to Save the Euro
– nytimes.com
Coming European Presidency Spotlights Problems in Cyprus
– nytimes.com
What was supposed to be a proud moment for the tiny island nation of Cyprus may be overshadowed by its request for a bailout and its long-simmering feud with Turkey.Italian Official Seeks Cultural Shift
– online.wsj.com
Spanish Officials Hailed Banks as the Crisis Built
– nytimes.com
Rajoy Warns on Spain’s Financing
– online.wsj.com
Daily Economic Overview: Markets steady as better US house price data offset European gloom
– markit.com
European Union Prods Germany With Fiscal Plan
– nytimes.com
Italy to Lend Bank $2.5 Billion
– online.wsj.com
