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Soros Says Germany Could Cause Euro Collapse

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CNBC
June 23, 2010

German’s budget savings policy risks destroying the European project and a collapse of the euro cannot be ruled out, billionaire investor George Soros said in a newspaper interview released on Wednesday.

“German policy is a danger for Europe, it could destroy the European project,” said Soros, who earned $1 billion in 1992 by betting against the British pound.

He added in an interview with German weekly Die Zeit that he “could not rule out a collapse of the euro.”

“Right now the Germans are dragging their neighbors into deflation, which threatens a long phase of stagnation. And that leads to nationalism, social unrest and xenophobia. Democracy itself could be at risk,” he said.

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This article was posted: Wednesday, June 23, 2010 at 2:57 am





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