Economy World

Euro: a “plan B” to save the single currency (Soros)

It is essential to design a mechanism for weak countries to leave the euro zone, said the financier George Soros who pleaded  on Sunday for a “plan B” that could save the EU from an economic collapse.

“Arrangements have not been stopped for a country to leave the euro, which, in the present circumstances is probably inevitable,” he said in Vienna during a debate on democracy in Europe.

According to Soros, the euro area is on the verge of collapse. European leaders must develop alternative strategies to provide a solution to the problem of sovereign debt. To achieve this, a “plan B” is required.

“There is no plan B at this time. That’s why the authorities adhere to the status quo and insist on respect for existing agreements, instead of recognizing that there are flaws that should be corrected, “said he.

The billionaire investor has reiterated its view that the single currency not supported by any political alliance or a common treasury.

The euro was created in 1999 by 11 countries: Germany, Austria, Belgium, Spain, Finland, France, Italy, Ireland, Luxembourg, the Netherlands and the Portugal. Greece joined the club in 2001, Slovenia in 2007, Cyprus and Malta in 2009, Slovakia in 2009 and Estonia in 2011.

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