Economic conditions in Greece have improved, Soros says

Economic conditions in Greece have improved, global investor George Soros said in an interview with the German newspaper “Der Spiegel” on Sunday, when asked if he would invest in the country. He also repeated his criticism of German Chancellor Angela Merkel over her handling of the economic crisis in Europe.

«The

situation in the Eurozone remains very critical and the Germans know this. The austerity policy imposed by Chancellor Merkel was mistaken,» he asserted, noting that this had increased the intensity of the crisis unnecessarily, and that the situation in financial markets had now calmed down but there was no discussion on a sustainable recovery.

He expressed fears that the Eurozone might enter into a long period of economic stagnation, similar to that in Japan, but said that he would invest in Greece provided it was judged possible to have a lasting profit.

Soros said the European Central Bank had adopted the correct attitude to the crisis but noted that banks did not do enough to finance businesses and the ECB’s chances of success were limited as long as investors in the crisis countries were not active.

Source: AMNA