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Soros Says Brussels Deal Will Last From One Day to Three Months

George Soros, the famous hedge fund manager, has a lot to say about the economy. Soros rose to fame after he made $1 billion betting against the British sterling in the early 1990s and many more millions since, so he understands more than most about the economy.

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George Soros Calls Measures Insufficient

George Soros has been very vocal about the Eurozone debt crisis in particular as of late. He has talked about his plan to save the Eurozone and offered suggestions for debt restructuring. Now that EU officials have reached some agreement Soros is criticizing that measure, saying at “the new Brussels deal to solve the debt crisis will only last between one day and three months,” reports the Telegraph. He criticized the plan, saying “that the 50pc “haircut” on private bond holders would only reduce Greek debt by 20pc.” Soros said the measure “was insufficient to stop an economic decline in Greece which would lead to greater social unrest.”

George Soros Says Brussels Deal ‘Too Little Too Late’

“Given the magnitude of the crisis it is again too little too late,” said George Soros of the Brussels deal on Thursday. “It will bring relief partly because the markets were so obsessed by the lack of leadership. The mere fact that something was achieved was a major relief and it will be good for any time from one day to three months.
“Unfortunately it is not the last crisis because the fundamental issues have not been settled. It is clear that the amount of debt that Greece has accumulated and is accumulating is untenable and the country is effectively insolvent.”
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