George Soros implies Greece is going down the drain


Eurozone, George Soros, Greece, GrexitLegendary investor, George Soros has never been shy to air his views. In his latest declaration, he gave his opinion about Greece that theres a 50:50 chance of a Grexit actually happening. As Mr. George Soros stated in a television interview of Bloomberg: "now a lose-lose game and the best that can happen is actually muddling through, Greece is a long-festering problem that was mishandled from the beginning by all parties."

The long negotiations between the Syriza government and the institutions, helping finance the Greek economy — the European Commission, European Central Bank and International Monetary Fund — could result in a "breakdown," leading to the country leaving the common currency area, as Soros commented in the interview at his London home.

"You can keep on pushing it back indefinitely," making interest payments without writing down debt. In further comments, Mr. George Soros said: "But in the meantime there will be no primary surplus because Greece is going down the drain. Right now we are at the cusp, and I can see both possibilities,".

Greece’s woes have continued, as reports show that the country could run out of funds in about two weeks. Yesterday, Tsipras met with Angela Merkel receiving a warm welcome from the German chancellor. Reportedly, the German Chancellor urged him to follow the path that has been set out by Greece’s creditors, expressing that Greece belongs in Europe, but also that its her desire that the economy succeeds.

The country has also promised to submit renewed plans on proposed reforms in about two weeks. The uncertain nature of the country's situation is what has prompted George Soros to imply that Greece is going down the drain.

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