George Soros Says EU Break-Up Would be Catastrophic

Posted By on January 7, 2012

We get the drift, but does the EU (European Union)? 

George Soros said “Today, the euro is potentially endangering the political cohesion of the European Union,” according to the Business Line newspaper in the south Indian city of Hyderabad.

“If the common currency were to break down, it will lead to the break up of the European Union itself. And this will be catastrophic not only for Europe but also for the global financial system.”

The euro zone crisis is “more serious and more threatening than the crash of 2008,” quoting Soros. In the near term, some of the euro zone countries may have to take more austerity measures because of the imbalances between the “creditor and the debtor countries”

“Unfortunately, they haven’t yet solved the acute financial crisis and that is causing the situation to deteriorate…and (it) is not at all clear it will have a solution,” he said.

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