HUFFINGTON POST: Billionaire investor George Soros says Germany has three days left to spearhead the creation of the “embryo” of a European fiscal union in order to save the eurozone. (Hat tip: Business Insider’s Joe Weisenthal.)
“There’s a disagreement on the fiscal side, and unless that is resolved in the next three days, then I’m afraid the summit could turn out to be a fiasco, and that could be actually fatal because you are facing the possibility of Greece leaving the euro and perhaps the European Union, and you need to strengthen the remaining euro structure to withstand that shock,” Soros told Bloomberg TV…
Soros has said he is concerned that peripheral eurozone countries will be stuck in a permanent economic downturn in which they have to pay sky-high interest rates on their debt. He said only fiscal backing by the eurozone can reassure investors enough to lower interest rates for these countries, allowing them enough breathing room to implement policies that will spur economic growth… (more)
