Saturday, June 2, 2012

Germany has three months to stem euro crisis - Soros

Reuters) - Germany and its central bank are unlikely to lead the way out of the euro zone debt crisis within three months time, after which it will be too late, U.S. billionaire George Soros said on Saturday.

Speaking at an economic conference in Trento, Italy, Soros said that the euro crisis - which he defined as a sovereign debt crisis and a banking crisis closely interlinked - threatened to destroy the European Union and plunge it into a lost decade like Latin America in the 1980s.
"A similar fate now awaits Europe. That is the responsibility that Germany and other creditor countries need to acknowledge. But there is no sign of this happening," Soros said.
Read the rest at Reuters
Editing by Mike Nesbit

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