Soros suggests Greece, Portugal quit euro-zone


George Soros, the US speculator turned billionaire philanthropist, has suggested both Greece and Portugal quit the European Union and the euro-zone because of their massive debts.

“One has so mishandled the Greek problem that the best way forward at present might be an orderly exit” with Greece leaving both the EU and the euro common currency, he said in an interview published Sunday by the German magazine Spiegel.

He suggested the same might go for Portugal.

“The EU and the euro would survive it,” he added.

Debt-stricken Greece and Portugal are struggling to implement eurozone and International Monetary Fund-mandated reforms, by slashing spending and raising taxes in exchange for financial aid.

Soros also suggested the time had come for eurozone members to accept the introduction of eurobonds.

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Also,  Merkel and Sarkozy in euro make-or-break crisis talks

Nicolas Sarkozy and Angela Merkel will tomorrow try to thrash out a plan to tackle the financial crisis in the eurozone.

The French and German leaders meet in Paris for what is being billed as a make or break summit for the euro.

There are persistent doubts in financial markets over Europe’s ability to solve its sovereign debt crisis.

French bank shares were hammered this week and speculation mounted that France will lose its AAA credit rating as the debt crisis entered a damaging new phase.

Investors fear a continuation of the panic selling which has wreaked havoc on global stockmarkets over the past fortnight and knocked £191billion [$312 billion US] off the value of the UK’s top 100 companies.

Hopes are pinned on tomorrow’s crucial meeting at which President Sarkozy and Chancellor Merkel will be under pressure to come up with a plan to make the eurozone function properly…

H/T both articles The Astute Bloggers. Like them, we believe the eurobond or other similar schemes are meant to force the hard-working people of Germany to bail out other EU nations.

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