Soros: Greece, Portugal Must Leave Eurozone

Finance | August 14, 2011, Sunday // 19:43|  views

Photo by EPA/BGNES

Debt-stricken Greece and Portugal should leave the Eurozone for its own good, according to famed finance expert George Soros.

Speaking in an interview for Der Spiegel, Soros reiterated his position that Eurozone members need to issue Euro-bonds, something that Germany is resolutely against.

According to him, such bonds are a good measure for refinancing debt.

Soros was especially critical on the Greek bailout rescue plan. "It was so bad that the best that can be done now is a phased leaving of Greece from the zone," said Soros, adding that Portugal should do the same.

In the past, Soros has already claimed that the exit of some countries for the currency union is "inevitable."

Soros also stressed that he has no intentions of speculating against the Euro, something that in the past he has not been averse of doing against other currencies in trouble.

He also argued that China will do everything reasonable to save the Euro, since it has stated it would like to see another currency as an alternative to the US dollar.

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Tags: George Soros, euro, Eurozone, debt, bonds, crisis, US, dollar, greece, Portugal


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