Bank Of Baku

Soros: European recession next year "almost inevitable"

Soros: European recession next year "almost inevitable"
# 16 June 2010 12:27 (UTC +04:00)
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.

"That’s the real danger of the present situation -- that by imposing fiscal discipline at a time of insufficient demand and a weak banking system, by wanting to have a balanced budget you are actually ... setting in motion a downward spiral," he said.
1 2 3 4 5 İDMAN XƏBƏR
#
#

THE OPERATION IS BEING PERFORMED