• Germany's news in English

Soros: Germany should fix euro or leave it

The Local · 11 Sep 2012, 08:33

Published: 11 Sep 2012 08:33 GMT+02:00

Facebook Twitter Google+ reddit

Speaking in Berlin at an event organised by the Institute for Media and Communications Policy, Soros said: "I am happy to note that the political debate in Germany has shifted in favour of saving the euro."

He pointed to a June EU summit where leaders agreed to allow the eurozone bailout fund to help stricken banks and the European Central Bank's decision last week to buy the bonds of debt-wracked countries.

"Both were made possible by the support of Chancellor Angela Merkel," noted Soros.

He called for two more steps to be taken to save the eurozone from what he termed a looming "nightmare".

He said policymakers should stop insisting on austerity for countries in crisis and that nations should pool their debt - a solution opposed in Berlin until there is a genuine fiscal union in the bloc.

"That would save Europe from depression. We are tantalisingly close to a lasting solution," said Soros, according to the text of his speech.

"It is up to Germany now to decide which alternative it chooses," he said.

"If the German public were willing to accept the additional liabilities that the remaining two steps would entail it would be by far the best for all concerned if Germany stayed in the euro.

"If not, it would be best if Germany and other like-minded creditor countries withdrew from the euro in a negotiated separation," suggested the 82-year-old.

In an essay appearing in several publications over the weekend, Soros suggested that Germany should either accept its role as de-facto leader of the eurozone or leave the bloc altogether.

If Germany left the euro, the value of the currency shared by the rest of the bloc would depreciate sharply, argued Soros, making their exports more attractive and slowly becoming more competitive.

"Europe would escape from the looming depression," he said.

Story continues below…

Soros also noted that Wednesday's decision by Germany's top court on the legality of the ESM bailout fund and the EU's fiscal pact for greater budget discipline might prevent the German leadership role he recommends.

"In that case, Germany would have to hold a referendum to decide whether to lead or leave," he said.


The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

08:58 September 11, 2012 by Berlin fuer alles
At last someone speaking some sense. Up until now Germany has been buttering it's bread on both sides. Benefiting from a weaker currency than the DM whilst at the same time pointing the finger of blame at countries who have suffered due to a stronger currency than they otherwise would have. Whilst at it, ask BILD and such newspapers to try and act a little responsibly. The Greeks, Spanish and Portugese are not to blame for needing a bailout. Their way of life is being made to suffer all for the sake of Germany and it's much valued exports. Whilst it is good for the EU to have a strong export country like Germany in it, Germany also needs the rest of the EU. I don't fancy eating only German grown food for example. YUCK!!!
10:03 September 11, 2012 by murka
Berlin fuer alles: well said. And YUCK !
10:22 September 11, 2012 by bendergazos
"Berlin fuer alles" and murka", what the hell is wrong with you both. Where do you live, if you reside in Germany, get the hell out of there!! Don't fancy eating only German grown food? Well then starve in north korea!! Soros is a despicable rotten kapitalist, who intended to destroy Malasia's currency, but prime minister MAHATIR got the better of that insatiable criminal. It would be far better is Soros would join his ancestors. Whitout Germany there would not be a EU!!!
10:43 September 11, 2012 by Berlin fuer alles
Nope, I most certainly do not fancy eating only German grown food. It is pretty dismal as the climate in Germany does not lend itself to growing good fruit and vegetables. Also the meat is pretty Yuck. I always bring a few steaks back with me when I visit home. In fact when I visit Spain I am always amazed at how much different and nicer the local produce is there. I am sure the same applies to Italian and Greek food or anywhere a good climate is the norm. These are the natural resources these countries have and which Germany craves. Without the EU and Euro Germany will be exporting less and affording less good food to import. So shut up Germany or eat S### and die.
10:47 September 11, 2012 by zeddriver
Soros is the worst of the worst. He is called a Limousine/Latte liberal. He is one of the "evil" capitalists (he is a money changer as opposed to a capitalist that offers a product for money) And as a "money changer" he has no qualms about ruining a countries currency to benefit himself. It's THE reason he supports so many very left wing groups that hate capitalism. He makes money from the political instabilities those groups create. If the left weren't so blind and hard up for money they might see this. But Soros will sit in his gated mansion very insulated from the problems he creates.
12:58 September 11, 2012 by benjahmin
Well said zeddriver, Soros is so evil every time he speaks, an angel gets Herpies. Pooling all European debt would be another step towards the sovietization of the European nations. If Germany had any sense of self-presivation, they would get the hell off this sinking ship while the getting is still good. Sadly, the collective guild of the German people will probably drag them to hell with the rest of the EU. The road to hell is paved with good intent.

In fact.....Hitler would be peeing his pants with joy to see the new Economic Reich that Germany is fronting. Soros is suggesting that Germany step into this role.....I say step back before its too late, let Reich 4.0 burn.
13:54 September 11, 2012 by jg.
Whenever Soros makes a statement of this sort, you can bet that his intention is to make himself richer. It is also reasonable to assume that the cost of this will be borne by others, usually taxpayers who earn much less than Soros. I would guess that Soros is holding a lot of junk investments in PIIGS countries and he would like German taxpayers to pay the costs of making him some profit from these investments.
16:41 September 11, 2012 by smart2012
Soros is saying something slightly different: either Germany u change and implement what the partners are asking to do, or get out. He criticizes Germany, merkel and buba. He is correct.
01:43 September 12, 2012 by Flint
So Germany's supposed to subsidize the lazy people of Spain, Greece and Portugal because they have nice apples and oranges? That's quite a theory.
13:56 September 12, 2012 by Berlin fuer alles
LOL @ Flint. The old BILD spin on how the Eurozone and EU works. I won't even bother to answer this aparr from saying the rest of the EU is supposed to take on austerity in order to subsidise the EuroMark in order to maximise German export profit margins and keep the sour Krauts happy.
15:51 September 12, 2012 by reallybigdog
Soros is not correct and really should focus his attention on his own crimes and undermining the poor tax payers for his personal gain which is in all cases his top priority. Oh wait he is!

Germany is not solely responsible for the Euro since its the sum of all its parts. What Soroass wants is for Germany to be drained of all its wealth in his typical BAD TASTE approach to insure his banking buddies are bailed out by every last flush country and Germany is the current ticket he wishes to see raped of all its wealth too!

Crawl back into your hole Soros as you are nothing more that a lamp post ornament on a good day and have no compassion for the suffering tax payer what so ever and anyone who supports you in anyway shape or form has absolutely no understanding of how much of an enemy your are to every hard working tax paying citizen the world over.
19:05 September 12, 2012 by IchBinKönig
theLocal. Pro Euro. Pro Bailout. Pro Palestine. Pro Religion of Pieces. Pro Socialism. Anti 'Gentrification', Anti Capitalism
19:28 September 12, 2012 by sonriete
In the end, Germany really doesn't have enough money to back stop the Euro.

There will be a period where she will be able to fork over tens or even hundreds of billions of Euros to the PIIGS, then she will be in the same boat herself. The German debt from re-unification is already a staggering 80% of GDP.

Once all that extra debt is piled on, Soros will do what he always does, launch a massive attack on the currency and quadruple his personal wealth while making beggars of everyone else.

George Soros, laughing all the way to the bank, thinking of what fools we all are.
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