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Posts tagged ‘Gorge Soros’

A European Solution to the Eurozone’s Problem

By  Gorge Soros

My objective in coming here today is  to discuss the euro crisis. I think you will all agree that the crisis is far  from resolved. It has already caused tremendous damage both financially and  politically and taken an extensive human toll as well. It has transformed the  European Union into something radically different from what was originally  intended. The European Union was meant to be a voluntary association of equal  states but the crisis has turned it into a creditor/debtor relationship from  which there is no easy escape. The creditors stand to lose large sums of money  should a member state exit the union, yet debtors are subjected to policies that  deepen their depression, aggravate their debt burden and perpetuate their  subordinate status.

This has created political tensions  as demonstrated by the stalemate in Italy. A majority is now opposed to the euro  and the trend is growing.   There is a real danger that the euro will destroy  the European Union. A disorderly disintegration would leave Europe worse off  than it was when the bold experiment of creating a European Union was begun.  That would be a tragedy of historic proportions. It can be prevented but it can  be prevented only with Germany’s leadership. Germany didn’t seek to occupy a  dominant position and has been reluctant to accept the responsibilities and  liabilities that go with it.  That’s one of the reasons for the crisis. But  willingly or not, Germany is in the driver’s seat and that is what brings me  here.

What caused the crisis?…………………………………………….

Read full article  at http://www.project-syndicate.org/blog/a-european-solution-to-the-eurozone-s-problem#6mMv7wyQVcBL8cGj.99

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