Soros: European Union Will Breakup if Germany doesn't bailout Greece

[bobbyw24]

MILAN (Reuters) - Billionaire financier George Soros thinks the euro and the European Union itself are at risk of breaking up if Germany refuses to play its traditional role and make concessions, he told a newspaper.

"The Germans have always made the concessions needed to advance the European Union, when people were looking for a deal. Not any more," Soros told Corriere della Sera in an interview published on Thursday.

"That's why the European project is stalled. And if it can't go ahead from here, it will go backwards. It's important to understand that if you don't make the next steps forward for the euro, the euro will go to pieces and the European Union too," he said.

Soros, who is speaking at a variety of events in Italy this week, said whereas in the past there had been the political will to go forward, "now there's a lot of doubt that it is there."

He said the EU needs a more flexible mechanism on deficit cuts so that countries do not have to cut public spending so drastically.

"We need a sort of European Monetary Fund, which would make the adjustment less painful," he said.

http://www.nytimes.com/reuters/2010/04/15/business/business-us-soros-euro.html?_r=1&dbk

[Krugerrand]

I distrust Soros.

[Bman]

Germany is the keystone of the EU. If they pull out, which they may because they don't want to devalue their worth for some other countries government that can't control itself, the EU will collapse.

[Sarge]

Why should we have to pay to make them stay married? Wait, we get to pay for the divorce?

Soros can pound sand.

[LibertarianfromGermany]

It's so sad; Germany has the power to end the EU easily but at the same time I know that we'll never use it. All possible coalitions for the next 10 years at least would endorse the EU big time and probably give up their whole country for it. Let's hope the Euro will break down some other way before European Federalism has advanced beyond possible repeal.

[paulitics]

I'm going to call your bluff Mr. Soros. You and your parasite class would never let the EU fall apart, you just want the people to pay for your mistakes and greed once again.

[ChaosControl]

Soros is a scumbag.

Anyway, it'd be good if the EU dissolves.

[Stary Hickory]

The EU and the Euro were a bad idea fromt he start. Everytime power centralizes oppression follows. The German people are fighting the oppression of having to become poorer to support corrupt government spending in another country.

I certainly hope the EU falls apart, it's really like watching a terrible train wreck in slow motion. Nothing good can come from an Aristocracy scheming for more power and being insulated from the people in Democratic elections.

[LibertarianfromGermany]

The German people are fighting the oppression of having to become poorer to support corrupt government spending in another country.

Sorry, but no, we don't. Hate to have to repeat myself but people here don't give a shit. Sure, I'd say most of them don't really endorse the "loans" to Greece and other countries, but in the end it doesn't really matter to them. Our media has ofc the consensus that the loans are justified and that European Unity is the most important goal whatever. Everyone speaking out against the EU here is labeled a right-extremist nationalist which of course has a strong effect here in Germany as national socialism is viewed as right-wing.

[Fox McCloud]

I hope they don't bail it out, but I hardly think the EU will break apart if they don't; they could just shove greece out as a member if worse came to worse.