George Soros: The eurozone status quo is neither tolerable nor stable. Mainstream economists would call it an inferior equilibrium; I call it a nightmare - one that is inflicting tremendous pain and suffering that could be easily avoided if the misconceptions and taboos that sustain it were dispelled. The problem is that the debtor countries feel all the pain, while the creditors impose the misconceptions and taboos. Soros remarks that the best solution in Europe is to convert all outstanding government bonds - with the exception of Greece's - into eurobonds and Germany will need to lead the charge. Germany can end it (the nightmare), because, as the country with the highest credit rating and largest and strongest economy by far, it is in charge. Read his full article: (VIEW LINK)
Please sign in to comment on this wire.