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. One of the biggest risks to China’s economy is the instability of its export markets, including the U.S. and Europe.
Story Links:
