George Soros says three months to save the euro. 4 June 2012Last updated at 15:49 ET Mr Soros believe the German public will soon tire of bailing out the Greeks Billionaire investor George Soros has warned European leaders they have a "three-month window" to save the euro.
He said he believed Greece would elect a government willing to abide by loan conditions imposed by the EU in this month's elections. But he said the German economy would begin to weaken in the autumn, making it much harder for Chancellor Angela Merkel to provide further support. Conjoncture : Soros : « L'Europe pourrait financer seule sa relance » INTERVIEW - Le financier américain estime que l'Europe doit mettre en place une véritable politique de croissance.
Financier, philanthrope, George Soros publie aux Presses de la Cité Le Chaos financier mondial, ouvrage dans lequel il détaille l'implacable enchaînement des événements ayant précipité le monde de la crise des subprime à ceux de la zone euro. Il y livre ses solutions originales pour réformer la finance et sauver la monnaie unique. LE FIGARO. - Comment jugez-vous la situation de la zone euro? George SOROS. - La crise s'aggrave jour après jour. Les responsables politiques ont déclaré prématurément qu'elle était terminée, mais c'est inexact.
Soros derrière la spéculation sur la Grèce ? Georges Soros / WEF - Flickr - CC Selon le Wall Street Journal, des « hedge funds » emblématiques – Soros Fund Management en tête – se sont accordés sur un net déclin de l’euro par rapport au dollar.
Ils visent, à terme, la parité dans le cadre d’un scénario de crise majeure de l’Union européenne. La semaine s’annonce cruciale pour la Grèce et l’Europe, qui s’enfoncent dans la crise. Ce dîner a eu lieu à Manhattan en décembre dernier, et une sorte de consensus se serait dégagé : «L’euro doit revenir à la parité un pour un face au dollar» auraient-ils évoqué, selon le quotidien financier. Accord secret des spéculateurs Leur poids énorme sur les échanges internationaux pourraient bien expliquer une bonne partie du recul de la monnaie européenne : depuis début février, le change est passé de 1,39 à 1,36 dollar, soit un recul de plus de 2%. Vers une monnaie commune euro-atlantique ? Du même auteur. George Soros: Eurozone Deal Will Last One Day to Three Months. George Soros has said that he thinks the Eurozone deal will only last a short time, from one day to three months.
Veteran investor George Soros has attacked the lack of leadership at the top of the eurozone and said that the new Brussels “deal” to solve the debt crisis will only last between “one day and three months”. Soros makes a number of telling points. Soros: Euro Crisis Is Lethal, A Break Up Is Possible. Der Spiegel Interview with George Soros. This week’s Outside the Box is in the tradition of showing the other side of the argument.
Normally, anything George Soros says or does politically has my blood pressure up about 20 points. Yet, I posted another piece of his today in Over My Shoulder – and then ran across this longer piece from Der Spiegel. Note this is from a dedicated Europhile wanting to save the euro. He succintly outlines what must be done if it is to be saved, and does it as well as anyone. (I know that among my readers there are both likers and haters of Soros, but as an observer of markets he is to be respected. I refer you to last week’s regular letter (one of my more important ones: and also to the Outside the Box piece I passed on from Michael Lewis, in which he points out that to survive, the rest of Europe must learn to behave more like Germans. We find ourselves in a binary world. A conversation between Paul Volcker and George Soros. Soros: Euro on Verge of Major Collapse - 'Inevitable' a country will leave euro, he warns. Billionaire Investor George Soros Predicts Euro To Collapse – Bloomberg Video.
Billionaire global investor George Soros has some very negative predictions for the euro zone, affirming that it has “fundamental flaws,” “no plan B,” and that the system is “on the verge of an economic collapse,” Reuters is reporting: Soros points out that the central problem is that the euro is backed by neither a political union nor a joint treasury, therefore when something goes wrong with a participating country. Soros said: “[there is] no provision for correction,” “There was no arrangement for any country leaving the euro, which in the current circumstances is probably inevitable.”
Ignoring Soros’ warnings, China continues to support the euro, said Premier Wen Jiabao during a visit to the area: “In recent years we have increased by quite a big margin our holdings of government bonds,” affirmed Wen. “We will consistently continue to support Europe and the euro.” Europe is China’s most significant export market. Story Links: IBTimes. How to Save the Euro. George Soros | The New York Review of Books | January 24, 2012 My new book, Financial Turmoil in Europe and the United States, tries to explain and, to the extent possible, predict the outcome of the euro crisis.
It follows the same pattern as my other books: it contains an updated version of my conceptual approach and the application of that approach to a particular situation, and it presents a real-time experiment to test the validity of my interpretation. Its account is not complete because the crisis is still ongoing. We remain in the acute phase of the crisis; the prospect of a meltdown of the global financial system has not been removed. In my book, I proposed a plan that would bring immediate relief to global financial markets but it has not been adopted. Either way, it is Germany that dictates European policy because at times of crisis the creditors are in the driver’s seat.
To be sure, I am not accusing Germany of acting in bad faith. That is where we are today. What lies ahead? The euro will face bigger tests than Greece. George Soros | Financial Times | February 21, 2010 Otmar Issing, one of the fathers of the euro, correctly states the principle on which the single currency was founded.
As he wrote in the FT last week, the euro was meant to be a monetary union but not a political one. The Crisis and the Euro. George Soros | The New York Review of Books | July 12, 2010 I believe that misconceptions play a large role in shaping history, and the euro crisis is a case in point.
Let me start my analysis with the previous crisis, the bankruptcy of Lehman Brothers. In the week following September 15, 2008, global financial markets actually broke down and by the end of the week they had to be put on artificial life support. Europe should rescue banks before states. George Soros | Financial Times | December 14, 2010 The architects of the euro knew that it was incomplete when they designed it.
The currency had a common central bank but no common treasury – unavoidable given that the Maastricht treaty was meant to bring about monetary union without political union. The authorities were confident, however, that if and when the euro ran into a crisis they would be able to overcome it. After all, that is how the European Union was created, taking one step at a time, knowing full well that additional steps would be required. With hindsight, however, one can identify other deficiencies in the euro of which its architects were unaware. Does the Euro Have a Future? George Soros | The New York Review of Books | September 15, 2011 The euro crisis is a direct consequence of the crash of 2008.
When Lehman Brothers failed, the entire financial system started to collapse and had to be put on artificial life support. A routemap through the eurozone minefield. George Soros | Financial Times | October 13, 2011 A group of almost 100 prominent Europeans delivered an open letter to the leaders of all 17 eurozone countries on Wednesday.
The letter said, in so many words, what the leaders of Europe now appear to have understood: they cannot go on “kicking the can down the road”. The road has been blocked by the German constitutional court which has found the law establishing the European financial stability fund constitutional, but declared that no further transfers are allowed without Bundestag authorisation. The leaders have also understood that it is not enough to ensure that governments can finance their debt at reasonable interest rates, they must also do something about the banking system. Three steps to resolving the eurozone crisis. Only way to stop the run on eurozone debt.
Europe’s future is not up to the Bundesbank. My seven point plan to save the eurozone. George Soros | Financial Times | October 24, 2011. George Soros's secret for saving Europe - Freeland File. Only way to stop the run on eurozone debt. George Soros and Peter Bofinger | Financial Times | November 21, 2011 The current turmoil in the eurozone bonds markets shows striking parallels to the situation in autumn 2008.
Then, bank depositors had lost confidence in the stability of the institutions holding their assets, and the threat of a bank-run could only be avoided by comprehensive government guarantees for all banks. Today, we are observing a bond-run: a self-fulfilling crisis of confidence in the stability of most eurozone sovereign borrowers. This is driving long-term rates up, so that for more and more countries a temporary liquidity problem is becoming a permanent solvency problem. Le chaos financier mondial : La crise de la dette, la crise de l'euro : comment s'en sortir.