Soros Warns Euro Crisis Could Divide Europe
AP @ Huffington Post - Billionaire financier George Soros warned Wednesday that Europe could potentially fall apart because of the "two-speed Europe" of haves and have-nots that is being perpetuated by the reform of the embattled euro.
He told a news briefing on the sidelines of the World Economic Forum that the currency used by 17 EU nations is in the process of reform following concerns over the debt crisis that enveloped Greece and Ireland and is threatening others.
Its flaw, he said, of having a common central bank but no common treasury was being addressed with the creation of a permanent European Financial Stability Facility, which was created to bail out debt-ridden countries.
But Soros said the reforms are not addressing the euro's real problem – that the currency has divided the richer EU countries from the poorer ones. Read more.
He told a news briefing on the sidelines of the World Economic Forum that the currency used by 17 EU nations is in the process of reform following concerns over the debt crisis that enveloped Greece and Ireland and is threatening others.
Its flaw, he said, of having a common central bank but no common treasury was being addressed with the creation of a permanent European Financial Stability Facility, which was created to bail out debt-ridden countries.
But Soros said the reforms are not addressing the euro's real problem – that the currency has divided the richer EU countries from the poorer ones. Read more.
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