George Soros urges Germany to save euro
George Soros is calling on Germany to save the euro, either by abandoning its obsession with austerity policies – or itself leaving the single currency."The difficulty is in convincing Germany that its current policies are leading to a prolonged depression, political and social conflicts, and an eventual break-up not only of the euro but also of the European Union," he said in an article published in the New York Review of Books.
He warned that the split between creditor and debtor countries in the euro risked becoming permanent, with debtor nations condemned to low growth because they are forced to pay a high premium for access to credit. European union was liable to fall apart under the pressure, he added.
Soros singled out Germany as the country that should take responsibility for this "class divide" in the eurozone.
"In my judgment, the best course of action is to persuade Germany to choose between becoming a more benevolent leading nation, or leaving the euro. In other words, Germany must lead or leave."
http://www.guardian.co.uk/business/2012/sep/09/soros-euro-germany-save
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