• Germany's news in English

Soros: Merkel has three months to save euro

The Local · 4 Jun 2012, 10:51

Published: 04 Jun 2012 10:51 GMT+02:00

Facebook Twitter Google+ reddit

"In my judgment, the authorities have a three months' window during which they could correct their mistakes and reverse the current trends," Soros said Saturday at an economics conference in Trento, Italy, naming those authorities as Germany and the Bundesbank, the German Central Bank.

"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.

Story continues below…

"That is what creates a three months' window."

AFP/The Local/bk

The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

11:58 June 4, 2012 by smart2012
Just to clarify, Soros said that Merkel will have to change strategy and follow her partner's proposals if Euro wants to survive
12:35 June 4, 2012 by pepsionice
Considering the behavior of Soros over the past four decades in currency manipulation....I'd kinda laugh over any advice that he was handing out. His problem now....with the Yen, the Euro, and the Dollar under fire.....there's not a lot of safe places for him to do hedge bets on failures. Course, maybe he's got billions in Nigerian money secretly hid away....awaiting the Euro failure.
12:42 June 4, 2012 by freechoice
Let's go back to DM!
13:54 June 4, 2012 by Leo Strauss
How about a gold-backed DM!? Silver?

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).
17:58 June 4, 2012 by IchBinKönig

'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.
20:08 June 4, 2012 by fload46d
Comment removed by The Local for breach of our terms.
03:50 June 5, 2012 by hanskarl
My vote is with IchBinKönig.

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.
13:28 June 5, 2012 by Leo Strauss

He is of Hungarian descent.
19:05 June 5, 2012 by Sastry.M
Soros' advice may not sound sonorous to most Europeans emaciated with economic crises.
15:08 June 6, 2012 by Craptastic
Hanskarl, are you having nationalistic tendency problems today?
17:41 June 6, 2012 by raandy
The EU has vast differences like trading imbalances, competitiveness ,defective banking and balance of payment deficits. What works for one Nation does little for another.

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.
17:52 June 6, 2012 by Leo Strauss
Mr Soros said in another article this week that Europe was in danger of becoming a German-dominated continent.

Does that mean he will be doing what he did during the last Reich?

The man has no soul.
00:21 June 7, 2012 by lozzshakes
With all the trouble with their own economy why do the americans think they still know what is best for world economies and stupidly tell other countries what they need to do. Have they not worked out they are not all that and no one is interested what they think. Britain is just as bad with a failing economy but thinks it has the right to dictate to germany how to save the eurozone.
01:51 June 7, 2012 by raandy
Soros was born in Hungry. Budapest ,born into a Jewish family.
06:58 June 7, 2012 by KerryMann
I'm a U. S. citizen and come from German immigrants 1600's and would love to return to Germany because I cannot stand the arrogance and stupidity of Americans who think they are better and know more than other people in the rest of the world. I hate it over here because most Americans don't have a clue as to what is going on in the rest of the world and how our policies meddle in other countries affairs. Please someone help me to get out of America so I can come back to where my ancestors came from and who really have some real culture. Our government is so corrupt over here that only 40% of people vote anymore because they only get two stupid corrupt parties Democrats and Republicans who are the same. Now we have to put up with the "Tea Party" that has completely shuts down Congress and nothing in government is getting done. There is going to be a serious crash at the end of the year in the U.S. when the tax cuts from Bush end, the deficit reduction has to happen because no agreement and the debt ceiling has to be raised in Congress. Please will someone please invite me to stay in Germany for a while. They can come live at my townhouse outside of San Francisco for a while so I can leave this insane place! kerrypw@gmail.com
14:49 June 7, 2012 by Leo Strauss

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?
Today's headlines
Creepy clown scare spreads to Germany
Two of the clowns were apparently equipped with chainsaws. Photo: Pedro Pardo / AFP file picture

Police said Friday five incidents involving so-called scary clowns had occurred in two north German town, including one assailant who hit a man with a baseball bat, amid fears that Halloween could spark a rash of similar attacks.

Student fined for spying on women via their webcams
Photo: DPA

Student from Munich fined €1,000 for spying on 32 different computers, using their webcams to take photographs, or record their keyboard history.

This is how much startup geeks earn in Germany
Photo: DPA

A comprehensive new survey of 143 startup founders shows how much you are likely to be earning at a German startup, from entry level all the way up to sitting on the board.

Man dies after beating for peeing near Freiburg church
The Johannes Church in Freiburg. Photo Jörgens Mi/Wikipedia

A middle-aged man from southern Germany has died after being attacked by a group of men who took umbrage with the fact he was urinating in the vicinity of a church.

The Local List
Seven German celebrities with uncanny doppelgängers
Former Berlin mayor Klaus Wowereit and actor Alec Baldwin. Photo: DPA; Gage Skidmore, Wikimedia Commons

Check out these seven look-a-likes of well known German figures - we admit that some are more tenuous than others...

Israel seeks to buy three new German submarines: report
A Dolphin class submarine. Photo: DPA

Israel is seeking to buy three more advanced submarines from Germany at a combined price of €1.2 billion, an Israeli newspaper reported Friday.

Here’s where people live the longest in Germany
Photo: DPA

Germans down south seem to know the secret to a long life.

More Germans identify as LGBT than in rest of Europe
Photo: DPA

The percentage of the German population which identifies as lesbian, gay, bisexual or transgender is higher than anywhere else in Europe, according to a new study.

'Reichsbürger' pair attack police in Saxony-Anhalt
File photo: DPA.

A "Reichsbürger" and his wife attacked police officers on Thursday, just a day after another Reichsbürger fatally shot an officer in Bavaria.

Five things not to miss at the Frankfurt Book Fair
Photo: DPA

From consulting a book doctor to immersing yourself in an author's world with the help of virtual reality, here are five things not to miss at this week's Frankfurt Book Fair, the world's largest publishing event.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd