From the article:
“In other words, Germany must lead or leave.”
Germany must surrender and agree to be bankrupted, raped and pillaged … or leave.
Elite puppet financier …
– George Soros urges Germany to save euro (Guardian, Sep 9, 2012):
George Soros calls on Germany to save euro by dropping austerity policies or by leaving single currency
George Soros is calling on Germany to save the euro, either by abandoning its obsession with austerity policies – or itself leaving the single currency.”The difficulty is in convincing Germany that its current policies are leading to a prolonged depression, political and social conflicts, and an eventual break-up not only of the euro but also of the European Union,” he said in an article published in the New York Review of Books.
He warned that the split between creditor and debtor countries in the euro risked becoming permanent, with debtor nations condemned to low growth because they are forced to pay a high premium for access to credit. European union was liable to fall apart under the pressure, he added.
Soros singled out Germany as the country that should take responsibility for this “class divide” in the eurozone.
“In my judgment, the best course of action is to persuade Germany to choose between becoming a more benevolent leading nation, or leaving the euro. In other words, Germany must lead or leave.”
Soros called on Germany to show leadership by establishing a “more or less level playing field” between debtor and creditor countries, and aiming for eurozone growth of up to 5%, “allowing Europe to grow its way out of excessive indebtedness”. But, he said, “this would entail a greater degree of inflation than the Bundesbank is likely to approve”.
Alternatively, he said, with Germany out of the euro, the currency would depreciate, cutting national debts in real terms and allowing debtor countries to regain competitiveness.
IMF director Christine Lagarde yesterday also took a stand against further austerity measures, backing European Central Bank chief Mario Draghi’s plan to keep a check on soaring Spanish and Italian borrowing costs, but saying the two nations had already taken enough action to repair their finances to merit aid.
Draghi on Thursday announced the ECB was prepared to buy “unlimited” bonds to ensure governments had access to funding, but said the action would require a country to ask for a bailout, with tight strings attached.
Lagarde said Spain and Italy had already taken “strong measures” and their fiscal and reform trajectories were “adequate in and of themselves”.
“It’s a country’s decision, in relationship with its member state partners and the institutions of the euro zone, to decide what is best for itself and for the group to which it belongs,” she told reporters.