Soros: If Germany Persists, Europe Is Over

By Steve Clemons
george soros inet berlin 2012.jpg

George Soros has gone to Berlin to tell the Germans that their policies are leading to the disintegration of not just the Euro, but Europe itself.

Yesterday in a panel on the "Future of Europe" at a conference organized by the Institute for New Economic Thinking, Soros said:

The Euro has really broken down. It has sprung defects, some of which could have been anticipated and some were anticipated. But some actually couldn't. Effectively, heavily indebted countries [in Europe] have ended up in the position of a third world country that is heavily indebted in a foreign currency. And that is only one of the unanticipated results of how things worked out [with the Euro].

Soros went on to say that Europe is simultaneously suffering from a Euro Crisis, a sovereign debt crisis, a balance of payments crisis, a banking crisis, a competitiveness crisis and suffering from other serious structural defects.

Bottom line. Soros thinks Europe is over unless Germany immediately changes course and develops a policy framework that is far more flexible and pragmatic than it is forcing now.

Here is the clip of George Soros on the "Future of Europe" panel:
 

More on the INET meeting in Berlin soon.

This article available online at:

http://www.theatlantic.com/international/archive/2012/04/soros-if-germany-persists-europe-is-over/255895/