Soros: Time working against euro zone solution

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Chairman of Soros foundation George Soros attends the Avoided Deforestation Partners organization conference on a sidelines of the UN climate talks in Cancun December 8, 2010. REUTERS/Jorge Silva

Chairman of Soros foundation George Soros attends the Avoided Deforestation Partners organization conference on a sidelines of the UN climate talks in Cancun December 8, 2010.

Credit: Reuters/Jorge Silva

OSLO | Tue Jun 14, 2011 11:36am EDT

OSLO (Reuters) - The chances of positively resolving Europe's serious debt problems are decreasing from day to day as authorities focus on "buying more time," not solving problems, billionaire investor George Soros said on Tuesday.

"You have a very serious problem in Europe, the over-indebtedness of some countries: Greece, Portugal and Ireland," Soros told an economic conference.

"The authorities are not providing a solution but basically buying time. They have always done that, that is the normal thing for authorities to do. In this case, I'm afraid they are making a mistake."

"There is a resolution, probably under pressure of the crisis, a resolution will be found but the sooner it is done the better."

(Reporting by Oslo newsroom)
George Soros
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Comments (2)
dpendable wrote:
The same situation exists here in places like California and on a much larger scale the U.S. Hope that somehow they can grow their way out appears to be the singular strategy.

Jun 14, 2011 10:22am EDT  --  Report as abuse
Ralphooo wrote:
Why such a difficult problem? Debt that cannot be paid is either rescheduled for slower repayment, or else forgiven.

If I am presiding in the negotiation sessions, I say this: “Either you nations choose between those two options, or I will decide and tell you what to do.”

Jun 14, 2011 11:04am EDT  --  Report as abuse
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