Soros: Euro Could Cause Collapse

June 26th, 2011 at 10:47 pm | No Comments |

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The Daily Beast reports:

In light of the economic crisis in Greece, billionaire investor George Soros has predicted that the EuroZone is in danger of losing a country and urged policymakers to develop a “Plan B.” Soros, who famously made $1 billion in 1992 when he bet against the British pound, declared in a panel discussion in Vienna that the euro has been flawed from the start, not backed by political union or a joint treasury. He encouraged leaders to take precautions now. “Let’s face it: we are on the verge of an economic collapse which starts, let’s say, in Greece but could easily spread,” Soros warned. He suggested the EU adopt new measures, including creating a larger central budget and increasing its bailout fund with money from tax revenue.

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