Billionaire investor George Soros, the man made famous for breaking the Bank of England by shorting the pound in 1992, reportedly told a German newspaper over
the weekend that he’s a euro believer. The full article at Der Spiegel
isn’t available without a subscription, so we turned to Reuters for a translation and breakdown.
“I believe in the euro. Therefore my investment team is looking forward to making [sic] a lot of money soon in Europe by, for example, pumping money in banks which urgently need capital,” Soros reportedly said in the interview, adding that the euro zone needs this type of private investment now.
He said his management team was even looking at Greece, given improving economic conditions, but before doing that they need to be assured that money can be earned on a sustainable basis.
Soros also reiterated his view that efforts by Germany to save the single currency have only made things worse. A sustainable recovery for the region still doesn’t exist, even if markets are far from the turmoil of a couple of years ago. “I fear that the euro zone could experience a long phase of economic stagnation similar to Japan’s in the past 25 years.”
Read more: George Soros says he's a euro believer, looks to invest in Europe banks - The Tell - MarketWatch
“I believe in the euro. Therefore my investment team is looking forward to making [sic] a lot of money soon in Europe by, for example, pumping money in banks which urgently need capital,” Soros reportedly said in the interview, adding that the euro zone needs this type of private investment now.
He said his management team was even looking at Greece, given improving economic conditions, but before doing that they need to be assured that money can be earned on a sustainable basis.
Soros also reiterated his view that efforts by Germany to save the single currency have only made things worse. A sustainable recovery for the region still doesn’t exist, even if markets are far from the turmoil of a couple of years ago. “I fear that the euro zone could experience a long phase of economic stagnation similar to Japan’s in the past 25 years.”
Read more: George Soros says he's a euro believer, looks to invest in Europe banks - The Tell - MarketWatch
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