I hope you can read Italian, according to reuters, l tracked this one down. I have given you the url for the Italian language version and have translated using google tools this into englis, l am not so sure how accurate this though. Soros: l' euro? È a rischio Una moneta incompiuta http://archiviostorico.corriere.it/2010/aprile/15/Soros_euro_rischio_Una_moneta_co_8_100415042.shtml "The Germans have always made the concessions needed to advance the European Union, when people were looking for a deal. Not any more," Soros told Corriere della Sera in an interview published on Thursday. "That's why the European project is stalled. And if it can't go ahead from here, it will go backwards. It's important to understand that if you don't make the next steps forward for the euro, the euro will go to pieces and the European Union too," he said. Polls show the German public is overwhelmingly against a financial bailout for Greece and Chancellor Angela Merkel faces a state election next month that could see her coalition lose its majority in the Bundesrat upper house of parliament. Soros, who is speaking at a variety of events in Italy this week, said whereas in the past there had been the political will to go forward, "now there's a lot of doubt that it is there". He said the EU needed a more flexible mechanism on deficit cuts so that countries do not have to cut public spending so drastically. "We need a sort of European Monetary Fund, which would make the adjustment less painful," he said. Soros said he was sure Greece could be rescued, adding that although the Athens government was taking all the measures needed, Europe must help if necessary, adding interest rates on emergency funding should be "as low as possible". The 5 percent rate on the funding currently "is a technical error, because it makes it more difficult for Greece to get out of the hole." Speaking more generally on the crisis and the excessive debt that caused it, he said: "The correction has scarcely started." (Writing by Nigel Tutt, editing by Mike Peacock) John, this is a machine translation of the Italian to the english using google language tools, l was unable to chase an english language translation on the newspapers english language page. http://archiviostorico.corriere.it/2010/aprile/15/Soros_euro_rischio_Una_moneta_co_8_100415042.shtml Fubini Federico
Sunday, 18 April 2010
Interview: Soros: The 'euro? A currency risk is incomplete The 'interview' We need a European Monetary Fund to facilitate the correction of deficits "
Soros sees risk to euro without German shift -report
MILAN, April 15 (Reuters) - Billionaire financier George Soros thinks the euro currency club and the European Union itself are at risk of breaking up if Germany refuses to play its traditional role and make concessions, he told a newspaper.
Pagina 45
(15 aprile 2010) - Corriere della Sera
The 'interview' We need a European Monetary Fund to facilitate the correction of deficits "
Soros: The 'euro? A currency risk is incomplete
'L' America has lost the supremacy over the fanaticism of the market "crisis in Greek it became clear that Germany reunified, no longer wants to make concessions in the name of 'Europe' s adjustment after the excesses is underway. But c 'is the risk of losing some of our values
In 80 years, George Soros is one step of his life. Perhaps what was always expected.
The boy is said to survive a false identity in his own hometown (Budapest, 1944), the sleek speculator hated by the Italians when he pointed to the collapse of the lira in '92, he crossed his finish line.
For some time no longer considered just one of the major investors living. Even his intellectual role, as a pupil of Karl Popper, attracts great interest: his theory of reflexivity, the ability to amplify the irrational market trends up to change the balance of 'economy is more and more.
Earlier this year has withdrawn from Soros 'Quantum Fund in its activities on the table holding the' American edition of "If not now, when?" Epic war of Primo Levi.
But his gaze is not directed to the past: Soros does not pass a great global debate without hearing his voice. Lorenzo Bini Smaghi ECB argues that the plan for Greece the 'Europe has shunned its Lehman Brothers. Agree? "I am certain that Greece will be saved, because the government is taking all necessary measures:
if you need to help the 'Europe should respond. But c 'is a real problem on' attitude of the Germans. They do not want to be the 'paymaster for the countries of the' Southern Europe who can not regulate itself and also of constitutional constraints.
The point is that to really help, the rates of the loan in Athens should be as low as possible. " Are about 5%: European governments that have funds for Greece will eventually win.
"Yeah. So it is counterproductive and is a technical error, because it makes it more difficult for Greece out of the hole and reveals real problems in the 'euro itself. Everyone knew that the 'euro, as it was built in Maastricht was an' unfinished: he had a central bank, but not a common fiscal policy, left the country 's commitment to keep the deficit below 3% of GDP. Virtually no one has met that threshold. "Germany was the first in 2003 to refuse to suffer the penalties of the Stability Pact.
"This suggests that the Stability Pact has failed and now we have all countries off course. Here is something missing, which must be added. In the past there 's always been the political will to take a step forward, now it is very doubtful that there is. But this is dependent on the future of 'euro'.
The 'euro was seen as compensation for German reunification. Yet Berlin has never seemed so isolated as the war today. The currency has failed politically? "The German reunification was the great driving force that has taken forward the 'Europe. Germany was ready to pay any price just to have European support on this, then the Germans have always made the concessions needed to advance the European Union ', when you seek agreement. Not anymore. The Germans feel detached, self-centered and reluctant to keep their old role.
This is why the European project has stalled. And while here he can not go forward, go backward. It is important to understand that if they do not move the next steps for the 'Euro' s gonna fall apart el euro European Union 'also. Only this knowledge may inspire new advances.
" If you come to a crisis of this kind, which would impact on 'Italy and Germany? "There is no question here of Italy and Germany is that Germany has a surplus balance of payments in 'euro-zone and there are some countries in deficit. It is a growing phenomenon and is difficult to reverse this trend because there can be no adjustments in currency 'area. So either you reduce your wages or increases its Germany.
The Germans do not want to do."It's understandable, because then their businesses would invest in other countries rather than at home. For this reason the German trade unions cooperate, give priority to people rather than royalty. So c 'is a long-term problem: some countries are going ahead with a currency too strong for them, and suffer unemployment because of budgetary constraints. Spain for example, is cutting spending, the exact opposite of what Keynes taught. "
That there 's output, unless the countries of' Euro-periphery do not accept years of deflation and recession? "It's a dark and difficult prospect. That is why we need a formula that would allow some countries not to cut the budget drastically. We need a kind of European Monetary Fund, which makes the 'adjustment less painful.
" How do you think the reflexivity of the market has changed after the disasters of these three years?"Reflexivity c 'is always a constant. In years past, what I call the "super-bubble" markets were turned away from a sustainable footing than ever before by 1945. " Now they are back online?
"After Lehman, the authorities have engaged in a complex rescue operation in two phases. In their first and only reinforced the imbalances existing in the second phase will try to correct them. C 'was too much in debt' economy and the private credit was to collapse, then governments have replaced the private sector. " It is the point where we are now, right?"Yes, and that is why we have the problem of debt greek. We survived the crisis, but the effects of the excesses we have yet to hear the correction has just begun.
" Declines also faith in the 'superior efficiency of the market, typical of the years of' America the only superpower? "The market fundamentalism is clearly tied to American dominance in the world. 'America has been promoting a world order in which she was more equal than others, in the Orwellian sense of the word. Without 'else has benefited greatly from' being at the center of 'world economy, because for years could consume 6.5% more than they produce. Now the music stopped.
A huge adjustment is ongoing and is reflected in the world of ideas. Now c 'is the danger that many of the achievements of Western civilization are lost in this process: in particular, individual freedom. " Federico Fubini RESERVED REPRODUCTION Mission climate in Venice
The character's career George Soros was born in 1930 in Budapest under the name of György Schwartz. His father was a writer in Esperanto that the family hid during the Nazi persecution 's purchase of phase identity.
Soros studied at the London School of Economics and was a student of Karl Popper, the theorist of the open society. Soros founded the 'hedge fund' Quantum Fund with Jim Rogers in 1970 and has accumulated a vast fortune since then.
The moment of maximum exposure came in '92 when the Quantum Fund pointed to the collapse of the lira and sterling, acceleration. In one day, the "Black Wednesday" (September 16 '92), earned one billion dollars. Philanthropy Soros, an American citizen today, devotes a large part of his fortune in donations. His latest initiative is the "Climate Policy Initiative 'el' Institute for the new economic thinking. His donations to civil society in Central and Eastern Europe have helped the fall of the Iron Curtain.
Fubini Frederick
Page 45
(April 15, 2010) - Corriere della Sera
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