7/28/2019 SOROS-Leave the Euro by Amicable Agreement, And Allow
the Rest of the Eurozone to Issue Eurobonds
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http://www.eurasiareview.com/11052013-george-soros-says-euro-to-eventually-destroy-european-
union-oped/
George Soros Says Euro To Eventually
Destroy European Union
OpEd
By Valentin Mndrescu
The controversial financial speculator George Soros believes
that the existence of the common
European currency and the unwillingness of Germany to guarantee
the debts of the poorerEuropean countries will eventually lead to
the dissolution of the European Union.
George Soros, also known as the man who broke the Bank of
England, has been promoting theidea of Eurobonds i.e. special debt
instruments backed jointly by all members of the European
Union. The money obtained from selling such bonds would be used
to finance the deficits of
countries like Greece, Portugal, Spain or Italy.
At the same time, the shared responsibility for paying the debts
assumed through Eurobonds
would mean that Germany would likely have to pay for the
financing of the weaker Europeancountries, implicitly transferring
money from the German taxpayers to the welfare recipients
from France, Italy and other countries with oversized welfare
systems. George Soros argues that
it is both a moral obligation of Germany and the soundest
solution for the European crisis. The
German economists who oppose the issuance of such bonds believe
that debt mutualization
would be detrimental for the fiscal discipline of the European
countries and would benefit thecountries that have unsustainable
deficits at the expense of the more disciplined countries like
Germany.
George Soros believes that making Germany pay for the whole
European Union is a panacea for
the economic crisis. Allowing the bulk of outstanding national
debts to be converted intoEurobonds would work wonders. It would
greatly facilitate the creation of an effective banking
union, and it would allow member states to undertake their own
structural reforms in a more
benign environment, he wrote in a comment published by Project
Syndicate.
At the same, the harsh reaction of the German political
establishment to Soros solutions, show
that there are irreconcilable differences of opinion in regard
to Eurobonds. Soros believes that ifGermany is not willing to
sacrifice its interests in the name of the European Union, it
should
step aside and leave the euro by amicable agreement, and allow
the rest of the eurozone to
issue Eurobonds. He also predicts that, if nothing changes the
euro will eventually destroy the
European Union.
For now, the German leaders seam convinced that Eurobonds are a
bad idea and that austerity isthe way forward. Time will show
whether such an unflinching conviction is for good or ill.
http://www.eurasiareview.com/11052013-george-soros-says-euro-to-eventually-destroy-european-union-oped/http://www.eurasiareview.com/11052013-george-soros-says-euro-to-eventually-destroy-european-union-oped/http://www.eurasiareview.com/11052013-george-soros-says-euro-to-eventually-destroy-european-union-oped/http://www.eurasiareview.com/11052013-george-soros-says-euro-to-eventually-destroy-european-union-oped/http://www.eurasiareview.com/11052013-george-soros-says-euro-to-eventually-destroy-european-union-oped/
