Sunday, February 28, 2010

Soros questions survival of Euro

Of boy, this will set a few heatbeats fluttering,
The euro is being “severely tested” and “may not survive” the Greek deficit crisis, billionaire investor George Soros said.

The European currency’s construction is “flawed” because there is “a common central bank, but you don’t have a common treasury,” Soros said...
Soros predicted Greece will survive its fiscal crisis, “but it still leaves Spain and the other countries” facing similar difficulties. “And so either Europe now takes the institutional measures that are needed to make up for the deficiency or, in fact, it may not survive,” he said of the euro.

The point here isn't the truth of the statement, but the difficulty. He is quite right, for the Euro to work you need a single economic government. However, despite the slow 'death of frogs' that has gone on over the past few decades, I don't think that the peoples of Europe are prepared, yet to accept such a level, of control in Brussels.
The Germans are getting restless.

1 comment:

banned said...

I wonder whose judgement I should trust, Soros or the EUs central bankers?