Soros says Germany should lead EU, or leave it

Now Reading:

Soros says Germany should lead EU, or leave it

Text size Aa Aa

Has Athens done enough? This weekend is all about whether the Greek’s international creditors, the troika, think actions taken and measures on the table make enough good economic sense. If they do it unlocks another 31.5 billion euro slice of aid.

Today the finance ministry is making its report, and tomorrow Prime Minister Antonis Samaris will meet with the ECB, IMF and EU.

Clashes with police in Thessaloniki last night showed what many Greeks think of an expected new wave of public spending cuts draining another 11.5 billion euros from the economy over the next two years.

For some the EU is clearly at fault for their plight. They have support from some who think that notably Germany can offer a better deal.

Financier and philanthropist George Soros says that, if the crunch comes, rather than throwing Greece out of the eurozone it might be better if Germany went its own way:

“I think Germany should either lead in developing a growth policy, political union and burden-sharing, accept the cost of leadership, or leave through an amicable arrangement that would preserve the European Union,” he said.

How the French might feel about their key partner going it alone leaving them to lead a “latin” eurozone is anyone’s guess, but protests that the EU game is up if they have to pay for it are growing in Germany.

Some 700 people assembled on the steps of Karlsruhe Constitutional Court on Sunday. On Wednesday it rules on the legality of the European Stability Mechanism. They were protesting against what they see as an impingement on national budgetary sovereignty.