Bloomberg News

Soros Says Europe’s Fiscal Compact Can’t Work in Current Format

April 11, 2012

Billionaire investor George Soros said Europe’s fiscal compact to promote budgetary discipline can’t work in its current format, while the euro is “broken and needs to be fixed.”

“The fiscal compact is going to push Europe into a deflationary debt trap with potentially catastrophic consequences,” Soros said today at a book party in Berlin. “This can be prevented if only it’s recognized there’s fundamentally something wrong with the rules of the euro.”

Soros is best known for making $1 billion in 1992 betting the U.K. would be forced to devalue the pound. Soros Fund Management LLC decided in July to return outside capital and focus on running assets for Soros and his family, who made up the bulk of its then $25.5 billion assets, to avoid having to register with the Securities and Exchange Commission by last month.

To contact the reporters on this story: Simon Kennedy in Berlin at skennedy4@bloomberg.net Patrick Donahue in Berlin at at pdonahue1@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus