June 14, 2011 / 1:09 PM / 7 years ago

Soros: Time working against euro zone solution

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.

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

“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

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