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.http://www.valuewalk.com/2013/10/george-soros-on-greece-debt/