Thursday April 24, 2014 Search
Weather | Athens
23o C
15o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Debt deal will not last more than three months, Soros says

Billionaire investor George Soros has criticized the latest eurozone deal saying it will last only between one day and three months.

After marathon negotiations in Brussels last week, European leaders persuaded bondholders to take 50 percent losses on Greek debt and boosted the firepower of the rescue fund to 1 trillion euros ($1.4 trillion) in a bid to save Greece from defaulting and curb a mounting crisis in the euro area.

But the 50per cent ''haircut'' on private bond holders would reduce Greek debt by only 20per cent, Soros said during a dinner organized by Pi Capital investor network, warning that a lingering crisis will exacerbate social turmoil.

''Unfortunately, the 50 percent haircut is effectively less than a 20 percent reduction in the overall debt [for Greece] because it only involves the private sector and excludes all the debt that is held by the ECB and the other public authorities and also the debt held by Greece because the banks, of course, will now be insolvent and the pension funds also,'' the veteran investor said.

''Given the magnitude of the crisis, it is again too little too late,'' he said.

In an interview with Kathimerini earlier this month, Soros said that the Greek debt ought to be restructured by 50 percent, provided that Greece remains in the eurozone and that the restructuring is voluntary.

ekathimerini.com , Monday October 31, 2011 (11:00)  
Expanding the social dividend base
National Bank determined to remain in the Turkish market
Ferries to start using LNG
Investment fund off the ground
Free drugs for uninsured Greeks
There are between 1.9 and 2.4 million Greeks, or roughly 20 percent of the total population, without social insurance, Health Minister Adonis Georgiadis said on Wednesday as he announced pla...
SYRIZAs preparation for elections upset again
SYRIZA's preparations for next month's local and European Parliament elections suffered another blow on Wednesday as Ahmet Kurt, one of the leftist party's candidates for the regional counci...
Inside News
BASKETBALL
Never underestimate the Greek hoopsters
Olympiakos and Panathinaikos, who between them have won the last three European crowns, won again at home on Wednesday to take their Euroleague play-off series with Real Madrid and CSKA Mosc...
BASKETBALL
Reds and Greens stay alive in Euroleague
Easter and home advantage worked wonders for Panathinaikos and Olympiakos who stayed alive in the Euroleague play-offs beating CSKA and Real Madrid respectively on Monday in Greece. Shak...
Inside Sports
COMMENTARY
Its too soon for Europe to declare victory
There was a time not so long ago when the vast majority of experts agreed that a country could not emerge decisively from a financial crisis unless it solved problems of both stocks and f...
COMMENTARY
Realitys other side
There is plenty of evidence pointing to the fact that the countrys real economy has hit rock bottom and is currently entering a phase of growth. Those who know the market well tend to suppo...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Never underestimate the Greek hoopsters
2. Expanding the social dividend base
3. National Bank determined to remain in the Turkish market
4. Ferries to start using LNG
5. Investment fund off the ground
6. Stocks decline after three days of growth
more news
Today
This Week
1. FBI seeks to identify victims of suspected US child molester who worked abroad, including Greece
2. Greek debt swells again as Samaras looks to creditors for relief
3. Woman dies after falling off state building roof
4. Tunisian sought over employment scam
5. Greece qualifies for new debt relief after 2013 budget surplus
6. Greece sees 2013 primary budget surplus at 1.5 bln euros, says deputy finance minister
Today
This Week
1. Greece startup leaders say they cant break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Mayoral candidates clash over Athens mosque plans
4. Government looks to kick on
5. Greece offers to help find Turkish F-16 lost in 1996
6. EU struggles to unpick the knot of Russia-Ukraine gas logistics
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.