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.
This article was posted: Thursday, June 24, 2010 at 12:34 am