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  • European Union is breaking apart, warns George Soros

    Hungarian-born American billionaire George Soros believes that Europe is on the verge of collapse and disintegration.

    “The European Union is facing an existential crisis and needs to get out of it because the immigration issue is very stressful and the EU is falling apart.

    George Soros (wikimedia commons)
    George Soros (wikimedia commons)
    “This is the proper time for a major initiative, something like a Marshall plan. It is amazing that some hints come from Schauble (i.e. Germany’s Finance Minister). I also proposed a Marshall Plan for Eastern Europe, including Russia, over 25 years ago. At Potsdam in 1989 when the city was still part of Eastern Germany. The idea was received with amusement then, but now it should not be regarded so. I think such a plan will be difficult to pass because there are still many disagreements which might lead to the disintegration of Europe. Many people know that something went terribly wrong and things have to be fixed”, said Soros during an interview for Bloomberg at the Economic Forum in Davos.

    The Marshall Plan was the first reconstruction plan conceived by the United States and aimed for the Allies after the Second World War. As a program of financial assistance developed to help the European economies and stop the spread of communism, Marshall was designed to tackle economic issues.
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    Asked if investors underestimate the risks assumed by the European Union and if there is a risk of rupture as that caused by the Greek crisis, the billionaire said that nothing has changed from last year.

    “Greece is still a problem. It is in fact the only problem without a solution. The country was so messed up that can only go forward, but there is no solution and no vision. This issue is about to explode again. You can see that on Tsipras’ face,” said George Soros, who had predicted a global recession in 2011 because of the Greek debt, but that never happened.

    Soros said earlier this year that problems of the global stock markets caused by the slowdown of China’s economy, could signal a new financial crisis similar to that from 2008. The tycoon warns business professionals to be cautious when making investments in 2016.

  • The Economist: Be Afraid! Bloomberg: Crisis in Europe will lead to economic collapse

    The Economist predicts a grim future for 2012. Credit:facebook/the economist
    2012 is gonna be tough! Social unrest, single currency abandonment, collapse of the economy!!! These are just some of the effects of the debts crisis in Europe seen by a number of analysts from Bloomberg. Meanwhile, The Economist announces an apocalyptic scenario on the cover of the October 1 issue: “Be afraid!”

    Europe crisis will lead next year to financial and economic collapse and social unrest, according to analysts surveyed by Bloomberg. The survey was conducted among 1031 investors, analysts and traders from worldwide.

    At least one country -member of the eurozone- will forfeit the Euro currency in the next five years, 72% of the analysts anticipated. Eurozone recession will come in the next 12 months, most of the economic experts said. Furthermore the European crisis will negatively affect the entire world economy next year.

    “It’s a serious crisis. Since the comeback issues in Greece, there appeared a kind of confidence crisis with impact on markets and economies. Politicians need to act quickly,” said Jean-Yves Chereau, a surveyed member and investment director with the company Halkin Investments in London.
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    Because of the crisis, 56% of those interviewed intend to reduce their exposure to the euro flaw in the next six months.

    The Economist published on Facebook a grim preview of October 1 issue: “Be afraid” is the title of the publication. “Until politicians actually do something about the world economy….BE AFRAID,” writes The Economist.

    The European Commission announced on Thursday a confidence decrease with respect to the economy. That was more than analysts’ expectations and the lowest level since December 2009.