George Soros penned an article for Financial Times titled “Germany’s reticence to agree threatens European stability”. You can read the entire article on George Soros’ official website. Here is an excerpt from George Soros’ Financial Times article:
At the meeting in Rome last Thursday the four heads of state agreed on steps towards a banking union and a modest stimulus package to complement the fiscal compact. But Chancellor Merkel resisted all proposals to provide relief to Spain and Italy from the excessive risk premiums prevailing in the market. This threatens to turn the June summit into a fiasco which may well prove fatal because it will leave the rest of the eurozone without a strong enough firewall to protect it against the possibility of a Greek exit.
Even if a fatal accident can be avoided the division between creditor and debtor countries will be reinforced and the “periphery” countries will have no chance to regain competitiveness because the playing field is tilted against them. This may serve Germany’s narrow self-interest but it will create a very different Europe from the open society that fired people’s imagination. It will make Germany the center of an empire and put the “periphery” into a permanently subordinated position. That is not what Chancellor Merkel or the overwhelming majority of Germans stand for.
Chancellor Merkel argued that it is against the rules to use the ECB to solve the fiscal problems of member countries – and she is right. President Draghi of the ECB has said much the same.