“Euro Could Destroy the EU”, George Soros Warns.

George Soros, Hungarian-American business magnate and billionaire, has cleaned out his investment portfolio of most Euro-related exposure, citing what he sees as possible rebellion amongst European States. In an interview with Dutch TV, Soros even goes as far to declare that the Euro Crisis could “potentially destroy the European Union.

George Soros

“Germany needs to realise that the policy it impose on the euroarea – the austerity programme – is counter-productive. It cannot actually succeed”, Soros warns, ” …there is a real danger that the [Euro] solution to the financial problem creates a really profound political problem.” He sees the Southern States of the EU (Spain, Greece, Italy, etc) as “being pushed unwittingly… into a long lasting depression”.

“…the austerity programme – is counter-productive. It cannot actually succeed.” I agree with that sentiment. Germany’s strict demands for austerity are going to have a worsening effect on inter-EU relations and encourage anti-social behavior from the southern states.

Two weeks ago at the World Economic Forum, Soros was slightly more upbeat, cautiously calling the European banking system “revived”. However, he still had warnings yet to deliver: “The euro is transforming the European Union into something very different from the original conception which was a voluntary association of equal states. Instead of that, the financial created a two-class system where the euro, the creditors and debtors and the creditors are in charge. The political situation I think is going to get worse.

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