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October 7, 2022
BUSINESS

Soros: European treasury needed to avoid Depression

Billionaire investor George Soros has warned Europe’s debt crisis risks triggering another Great Depression unless euro zone leaders adopt a series of radical policy measures, including the creation of a common treasury. Soros, in an article for the New York Review of Books and Reuters.com, quoted by Mediafax, says policymakers must prepare for the possibility that Greece, Portugal and perhaps Ireland will have to default and leave the euro zone. “It appears the authorities have reached the end of the road with their policy of ‘kicking the can down the road’,” he says. “Even if a catastrophe can be avoided, one thing is certain: the pressure to reduce deficits will push the euro zone into prolonged recession. This will have incalculable political consequences.”

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