Europe faces almost inevitable recession next year and years of stagnation as policymakers' response to the euro zone crisis causes a downward spiral, billionaire U.S. investor George Soros said.
Flaws built into the euro from the start had become acute, Soros told a seminar, warning that the euro crisis could have the potential to destroy the 27-nation European Union.
The euro's lack of a correction mechanism or of a provision for countries to leave it could be a fatal weakness, he said Tuesday.
Germany had imposed its criteria on how a 750 billion euro ($1 trillion) euro zone rescue mechanism should be used and was imposing its own standards — a trade surplus and a high savings rate — on the rest of Europe, Soros said. (more)
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