Soros: EU must restore lost solidarity

The billionaire investor George Soros on Friday highlighted the need for a lost sense of solidarity in Europe to be restored, noting that the eurozone crisis had changed the image of the EU, transforming it into a union of equals to a community of creditors and borrowers.

Speaking at a conference on philanthropy organized by the Stavros Niarchos Foundation in cooperation with the European Foundation Center, the Hungarian-born investor said that creditors always have the «upper hand» in an economic crisis, a fact which leads to the creation of two different categories of countries.

In the case of Greece, Soros said it should be acknowledged that the country had violated the rules and regulations of the union and lived beyond its means.

He added that Greeks feel cheated and that this sentiment has fueled a backlash against immigrants.

As for Germany, Soros said that it must choose whether to assume a leading role in the union and if so assume the responsibilities that accompany this privilege. He said, however, that Berlin does not want this role as the memories of recent history weigh heavy.

Soros concluded that an immediate European solution should be found to the bloc’s problem rather than each country seeking its own individual solution.

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