Tue, Jun 26, 2012 - Page 15 News List

George Soros pushes EU to launch joint debt fund

END IS NIGH:The billionaire investor said German Chancellor Angela Merkel has emerged as a strong leader, but she was leading Europe in the wrong direction


Creating a European equivalent to Treasuries would buy the union time to form a true political union that will ultimately lead to the sale of bonds backed by the entire bloc, Soros said. European Treasuries could be sold to the market within three to six months once an agreement is in place among leaders, he said.

“Germany will only do it if Italy and Spain really insist on it, because they are the ones who are hurting,” he said.

Soros predicted in the interview that stock and bond markets would react negatively if Europe fails to announce a plan this week to ease pressure on Spain and Italy.

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