24 June 2010

EUROZONE: Soros Calls Germany "Main Protagonist" In Euro Crisis.

BLOOMBERG/     Germany “is the main protagonist” in the euro’s crisis and EU deflation risk is probable because Chancellor Angela Merkel insists on budget austerity, claims billionaire investor George Soros. “As the strongest and most creditworthy country it is in the driver’s seat. As a result Germany objectively determines the financial and macroeconomic policies of the euro zone without being subjectively aware of it. When all the member countries try to be like Germany they are bound to send the euro zone into a deflationary spiral.Unfortunately Germany does not realize what it is doing. It has no desire to impose its will on Europe; all it wants to do is to maintain its competitiveness and avoid becoming the deep pocket to the rest of Europe.”