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Billionaire George Soros: 'The European Union is in an existential crisis'
As worries about Italy and Spain’s governance whack European markets on Tuesday, George Soros is adding to the downbeat mood. The 87-year-old Hungarian-American, known as the investor who broke the Bank of England, has offered the following bleak assessment in a speech in Paris to the European Council on Foreign Relations: The EU seems to have “lost its way” since the global financial crisis of 2008, he added. Officials in Brussels adopted a program of fiscal retrenchment that led to the euro crisis, and this transformed the eurozone into a relationship between creditors and debtors “that is neither voluntary ... (full story)
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