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Soros: Merkel has three months to save euro
Published: 4 Jun 12 10:51 CET | Print version
Online: http://www.thelocal.de/money/20120604-42933.html
Billionaire US investor George Soros has said that German Chancellor Angela Merkel and her government must solve the ongoing euro crisis in the next three months - or Europe will fall into a "lost decade."
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"In a crisis, the creditors are in the driver's seat and nothing can be done without German support," he said, noting that public opposition to austerity in the eurozone "is likely to grow until the policy is reversed."
He said there were still plenty of opportunities to save the euro, but it would require the active support of Merkel and the Bundesbank. But he warned that if the opportunity were not taken, Europe would be threatened with a "lost decade."
Greece is heading to the polls for a second time in six weeks after an inconclusive vote on May 6. And with the radical leftist Syriza party, chief opponent of a massive EU-IMF bailout accord, tipped to win this time, the election could lead to Greece quitting the single currency.
"I expect that the Greek public will be sufficiently frightened by the prospect of expulsion from the European Union that it will give a narrow majority of seats to a coalition that is ready to abide by the current agreement," Soros said, referring to June 17 polls in the debt-stricken state.
The "crisis is liable to come to a climax in the fall" of the year, he said.
"By that time the German economy will also be weakening so that Chancellor (Angela) Merkel will find it even more difficult than today to persuade the German public to accept any additional European responsibilities," said Soros.
"That is what creates a three months' window."
AFP/The Local/bk
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Your comments about this article:
It has been suggested by some most unscrupulous sophists that most of our German gold (66%) is not in Germany, and that which is not in Germany may no longer be gold. Thus, our fate is inextricably linked with that of our fiat currency.
But I have said too much already...
I, for one, am certain that the bankers, currency speculators and Eurocrats will act in accordance with the Good (or, at least, that is what I say).
'maybe he's got billions in Nigerian money secretly hid away....awaiting the Euro failure. '
more likely he's got billions in EU debt secretly hid away... awaiting the Euro Bonds. His bet wasn't as good as he had hoped, so he is trying to turn the tide in his bets favor.
Soros sounds like a Greek name to me. Perhaps he should take all of his money and pour it into Greece. Then, when he is bankrupt and a pauper and no one is interested in his narcissistic self we won't have to put up with him anymore.
He is of Hungarian descent.
Austerity,without growth is not going to work,in this regard I would agree with Soros.
Germany being the biggest player in the zone has the greatest influence on how to deal with the problem. I doubt at this point there is a real solution with out a complete overhaul of the EU banking system. So far all that has been accomplished is sliding the problem down the road until we run into it again.
Does that mean he will be doing what he did during the last Reich?
The man has no soul.
I feel for you KM, and yes, you do need to get out of there ASAP. Perhaps a move to Germany is like jumping from the frying pan and into the fire? Think a few years ahead. You are a teacher and still physically fit? Maybe South America as an ESL teacher? Or come to Germany and find a teaching position. It is still possible, but for how long?