Germany's budget savings policy risks destroying the European project and a collapse of the euro cannot be ruled out, billionaire investor George Soros said in a newspaper interview released on Wednesday.
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Source: World Economic Forum George Soros |
"German policy is a danger for Europe, it could destroy the European project," he told German weekly Die Zeit.
Soros, who earned $1 billion in 1992 by betting against the British pound, added that he "could not rule out a collapse of the euro."
"If the Germans don't change their policy, their exit from the currency union would be helpful for the rest of Europe," he said.
Chancellor Angela Merkel unveiled plans earlier this month for 80 billion euros ($107 billion) in budget cuts over the next four years—a package she hopes will bring Germany's structural deficit within European Union limits by 2013. Read more
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