Billionaire investor George Soros said he’s “now on the side of the angels” who believe that financial markets have a responsibility to preserve human civilization.
“I really think it matters for all of us, for humanity, for hedge-fund managers as other human beings, that our civilization should survive,” Soros said in an interview with Bloomberg Television’s Erik Schatzker in Davos, Switzerland.
“I am right now on the side of the angels. Not an easy role to play.” Soros said he is among those “trying to keep the system together.”
Soros also said European policy makers haven’t done enough to insulate the rest of the region from any Greek default.
“If Greece defaults it should not be the end of the world,” Soros said. “But the rest of Europe needs to be sufficiently ring-fenced, and not enough has been done to ring-fence it. Not enough has been done to isolate the rest of the eurozone.”
Elsewhere. the European Stability Mechanism and the European Financial Stability Facility should be used to protect the European Central Bank from any solvency risks related to bonds issued by Spain and Italy, Soros wrote in a commentary in Handelsblatt.
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