Billionaire investor George Soros said German Chancellor Angela Merkel is following the wrong policy by asking countries to fight debt with austerity, according to an interview with Weltwoche.
“Chancellor Merkel certainly is the dominant politician of our time, very powerful, but also very capable,” Soros was cited as telling the Swiss magazine.
“Unfortunately, the policies she advocates are wrong” as she is fighting the European debt crisis by demanding a “shrinking of the economy and of state budgets,” he said.
“I believe that you only can get out of extreme debt with growth.”
Soros also told the magazine that the attempt to maintain the euro in its current form will destroy the European Union, adding that “it is much more important to keep the EU and the common market than the euro.”
© Copyright 2014 Bloomberg News. All rights reserved.