Soros says Germany could cause euro collapse

BERLIN, June 23 | Wed Jun 23, 2010 4:55am EDT

BERLIN, June 23 (Reuters) - German's budget savings policy risks destroying the European project and a collapse of the euro cannot be ruled out, billionaire investor George Soros said in a newspaper interview released on Wednesday.

"German policy is a danger for Europe, it could destroy the European project," said Soros, who earned $1 billion in 1992 by betting against the British pound.

He added in an interview with German weekly Die Zeit that he "could not rule out a collapse of the euro".

"Right now the Germans are dragging their neighbours into deflation, which threatens a long phase of stagnation. And that leads to nationalism, social unrest and xenophobia. Democracy itself could be at risk," he said.

"Germany is globally isolated ... Why don't they let their salaries rise? That would help other EU states to pick up."

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Comments (1)
odonoghue wrote:
a load of rubbish,I think Soros shorted the euro

Jun 23, 2010 12:41pm EDT  --  Report as abuse
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