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Sunday, July 1, 2012

George Soros Pushes for Eurobonds

George Soros urged the Eurozone to start a new fund to buy Italian and Spanish bonds paid for by issuing so-called Eurobond. German Chancellor has already ruled that out. Germany's stance on Eurobonds could force Greece out of the euro.

Michael McKee -

"George Soros is going to be very disappointed. It's not going to happen. The things he is talking about are going to take a very long period of time. Investors want to know what's the short-term that will get us to the medium-term! The Europeans don't have anything to address those questions"

[Is this EU 2-day Summit going to accomplish somehow what some of the other meetings have not?]

"No it's not [Beautiful]. It's the 19th meeting they've had since the beginning of the crisis. It's going to end like all the others. With a statement saying we've made incremental progress on these things, we're getting there but it's important for Greece to stick to its austerity program. They're going to keep talking. There are no grounds for a breakthrough".

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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.