Soros Says EU May Not Survive Stagnation Crisis

Billionaire George Soros has told the BBC that the European Union may not survive its “long-lasting stagnation”.

He says that Germany is responsible for many of Europe’s problems because it has not taken on a leadership role.

Talking to the Today programme, he said; “My hope is that Germany is going to change and realise that the policy of austerity is counter-productive.

“Their memory is inflation, so they continue fighting inflation when the threat is deflation.”

He added: “The only people who can change it are the Germans, because they are in charge. They don’t want to be in charge, in fact they are determined not to be in charge. And that’s the tragedy.”

Mr Soros, an investor and philanthropist, is famous for speculating against the pound in 1992, contributing to its collapse and exit from the EU exchange rate mechanism (ERM), the forerunner of the euro.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza