Bloomberg News

Soros Says Greek Default May Not Result in Greece Euro Exit

January 26, 2012

Jan. 25 (Bloomberg) -- Billionaire investor George Soros said a default of Greece may not have to result in an exit of the country from the euro area.

“Greece may pose a problem if it in fact defaults but defaulting by itself doesn’t necessarily mean they will leave the euro,” Soros told reporters in Davos, Switzerland today. “But the need to at least reach a primary surplus may force Greece out of the euro. One of the problems in Greece is that there is a powerful group that is in favor of Greece leaving the euro zone. Many owners of newspapers and conglomerates have very big interest in paying taxes in drachmas and not in euros.”

To contact the reporter on this story: Jana Randow in Davos, Switzerland at jrandow@bloomberg.net

To contact the editor responsible for this story: Simon Kennedy at skennedy4@bloomberg.net


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