Bakı – APA-Economics. George Soros, the billionaire financier, thinks the euro and the European Union itself are at risk of breaking up if Germany refuses to play its traditional role and make concessions, Reuters reported, citing an interview conducted with Italian newspaper.
The Germans have always made the concessions needed to advance the European Union, when people were looking for a deal. Not any more, said Mr. Soros.
Mr. Soros, who is speaking at a variety of events in Italy this week, said the E.U. needs a more flexible mechanism on deficit cuts so that countries do not have to cut public spending so drastically. “We need a sort of European Monetary Fund, which would make the adjustment less painful,†he said.
It is 50-50 whether the eurozone breaks up. The damage that break up would cause is so great, that I think that as people realise it, they will pull back from the brink, Mr. Soros said.
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