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Wednesday, June 23, 2010

Soros : Germany could cause The Euro collapse

George Soros

Soros sees German austerity policy as a threat to Europe

The American Billionaire investor and speculator George Soros warned on Wednesday of collapse of the monetary union as a result of German austerity policy . that the euro could fail and that what he called "dangerous" policy decisions in Berlin could destabilize the entire European Union. "The German policy is a threat to Europe, they might kill the project," said Soros, "Unfortunately, a collapse of the euro and the European project cannot be ruled out," said Soros, one of the most successful hedge fund managers in the world, in an interview with the weekly newspaper DIE ZEIT .One can not exclude a "collapse of the euro," said Soros, who in the nineties bet successfully against the British pound. "If the Germans do not change their policies, their exit from the monetary union for the rest of Europe would be helpful."

"That would be tragic, because then Europe would be threatened by the sort of conflicts between states that have shaped European history," Soros added.

Soros does not rule out The collapse of The Euro

German austerity policy may destroy The EU project says Soros

The economic policy of Germany based on austerity likely to split the monetary union, says the financier George Soros. In an interview with the weekly Die Zeit, Soros explains why a possible 'collapse' of the euro can not be 'excluded. Soros Has no doubts: 'If the Germans do not change their policy, their exit from the monetary union would be useful for the rest of Europe'. Soros also advocates a tax on financial transactions.

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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.