Enter your email address:

Thursday, October 17, 2013

George Soros: Greece Needs Comprehensive Debt Relief To Recover Fast

Spiegel Online.

George Soros On Greece

The legendary investor pointed out the fact that Greece will “never pay back its debt,” and the country was able to achieve a primary surplus amid difficulties. Last month, Greece reported that its primary surplus in the first eight months of the year was €1.5 billion instead of an estimated €2.5 billion budget deficit.
Panagiotis Petrakis, economy professor at the University of Athens commented that the situation in Greece is under control with the primary surplus, but it does not point to a vigorous economy. Greece Prime Minister Antonio Samaras is confident that
his government will return to growth next year after enduring a severe recession for six years.
During the interview, Soros said investors will return to Greece and the country would be able to recover rapidly if the troika [International Monetary Fund (IMF), European Central Bank (ECB), and the European Commission (EC)] forgo the repayment of debt as long as it meets the conditions imposed by the official sector.I can testify from personal experience that investors would flock to Greece once the debt overhang is removed,” added Soros.

Popular Posts

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.