Tuesday Jan 27, 2015 Search
Weather | Athens
13o C
7o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Soros says Europe faces 25 years of stagnation without overhaul

Billionaire investor George Soros said Europe faces 25 years of Japanese-style stagnation unless politicians pursue further intergration of the currency bloc and change policies that have discouraged banks from lending.

While the immediate financial crisis that has plagued Europe since 2010 “is over,” it still faces a political crisis that has divided the region between creditor and debtor nations, Soros, 83, said in a Bloomberg Television interview in London on Wednesday. At the same time, banks have been encouraged to pass stress tests, rather than boost the economy by providing capital to businesses, he said.

Europe “may not survive 25 years of stagnation,” Soros said in the interview with Francine Lacqua. “You have to go further with the integration. You have to solve the banking problem, because Europe is lagging behind the rest of the world in sorting out its banks.”

Soros, whose hedge-fund firm gained about 20 percent a year on average from 1969 to 2011, has been a constant critic of how the European currency bloc was designed and of budget cuts imposed on indebted nations such as Greece and Spain at the height of the crisis. He said more “radical” policies are required to avoid a “long period” of stagnation.

European bank shares are “very depressed,” making it an “attractive time” to invest, Soros said. Still, he said it is going to be a “very tough year” for lenders as they try to shrink balance sheets and boost their capital to pass the European Central Bank’s stress tests, he said.

Soros Fund Management LLC, the hedge-fund firm that Soros turned into a family office three years ago to manage only his personal wealth, made $5.5 billion of investment gains last year, according to LCH Investments NV. The profits were more than any other hedge-fund manager, according to LCH, a firm overseen by the Edmond de Rothschild Group that invests in hedge funds.

[Bloomberg]

ekathimerini.com , Wednesday March 12, 2014 (12:56)  
Cyprus to stay in recession for 2015, university survey finds
Europe stocks fall from seven-year high; Greek bonds drop
Greek uncertainty weighs on low-rated eurozone bonds
Consumer confidence in decline in Q4
´Accidental economist´ and scourge of austerity tipped for Greek finance post
A scourge of austerity policies who calls himself an “accidental economist” is set to become Greece's finance minister and the key negotiator with its creditors, barring last-minute hitches,...
The new cabinet
Greek Cabinet as of January 27, 2015 Prime Minister: Alexis Tsipras Deputy Prime Minister: Yiannis Dragasakis Ministry of Interior and Administrative Reconstruction Minister: Nikos Voutsis A...
Inside News
BASKETBALL
Basket League favorites survive challenges on the road
PAOK consolidated its position in the top three of the Basket League with a triumph at AGO Rethymnou on Saturday, while Olympiakos and Panathinaikos emerged victorious from their tough away ...
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakos’s 3-0 win at depleted OFI Crete was rather difficult on Saturday, but was enough to keep the Reds on top on Saturday, as they have maintained their two-po...
Inside Sports
COMMENTARY
Greece, where everyone´s a winner
Whether a tradition or simply a bad habit, we have trouble finding a loser in any electoral race, a party leader who will openly concede defeat without trying to mitigate it with excuses. Th...
EDITORIAL
Political faux pas
Democracies have rules and institutions that must be respected and served by all who represent them. Most people can appreciate that politicians who have worked hard for the past two-and-a-h...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. ´Accidental economist´ and scourge of austerity tipped for Greek finance post
2. The new cabinet
3. Cyprus to stay in recession for 2015, university survey finds
4. Kammenos: from conservative rebel to Greek PM´s unlikely ally
5. Yanis Varoufakis named Greece´s new finance minister
6. Greek Elections 2015: Forming a government, Part 2 | LIVE
more news
Today
This Week
1. Greek Elections 2015: Forming a government, Part 1 | LIVE
2. Greece, where everyone's a winner
3. Three days of mourning declared over death of two Greek pilots in Spain
4. Political faux pas
5. Greek uncertainty weighs on low-rated eurozone bonds
6. Europe stocks fall from seven-year high; Greek bonds drop
Today
This Week
1. Greek Elections 2015 | LIVE
2. Greek Elections 2015 | LIVE
3. SYRIZA heads for historic victory but without majority
4. Greeks fork out nearly 5 pct of their incomes on telecom services
5. Unsupervised voting
6. QE exclusion a ‘de facto Grexit’
Advertiser Link
SMART WATER Project: Outputs and conclusions of the final conference
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.