Eurobonds are required, says George Soros

By Sara Busquets

Date: Wednesday 25 Jan 2012

Billionaire investor and founder of the Open Society Foundations, George Soros, sat for lunch with journalists in Davos. One of the journalists is The Daily Telegraph editor Richard Fletcher, who is tweeting what the business magnate has to say.

Soros believes that measures taken by the European Central Bank (ECB) have eased bank liquidity problems but do not help the debt issues for many countries. He assures that Germany's fiscal discipline is worsening political tension although creditors are playing an increasingly important role.

Soros also commented that the euro is in danger of undermining the Eurozone, and that creators of the euro knew that it was an incomplete currency.

Concerning the ongoing difficulties in Athens, Soros said that "the Greek crisis revealed two defects of the Maastricht treaty." He also said "what is happening in Hungary is a precursor to what is in store."

Fletcher also posted the following tweets:

- Soros: "We must reform the euro and the European Union according to the principles of open society"

- Soros: "The stimulus will have to come from the European Union. This will require Eurobonds in one guise or another."

Soros also indicated that the odds are in the direction of a Greek default and that the rich need to pay more taxes.

Speaking about the UK economy and the nation's gross domestic product data released today, Soros said "to expect a rebound is unrealistic."

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