Greece is heading for default, or at least a devaluation, and European Union (EU) leaders have to adopt a "plan B" to stem contagion to the rest of the bloc, billionaire investor George Soros said today. "Greece is heading towards disorderly default and/or devaluation ... A Greek default may be inevitable but it need not be disorderly," he wrote in an editorial for the Financial Times. "While some contagion ... will be unavoidable, the rest of the euro zone needs to be ring-fenced. That means strengthening the euro zone, probably by wider use of Eurobonds and a euro zone deposit insurance scheme," he said.
July 12, 2011
Filled Under: ECONOMIC OUTLOOK
Image via Wikipedia
Soros says Greece heading for default
Socialize It →
|
|
|
The articles posted on HellasFrappe are for entertainment and education purposes only. The views expressed here are solely those of the contributing author and do not necessarily reflect the views of HellasFrappe. Our blog believes in free speech and does not warrant the content on this site. You use the information at your own risk.