Skip to comments.George Soros: 'Greece Can Never Pay Back Its Debt'
Posted on 10/07/2013 9:52:31 AM PDT by DeaconBenjamin
Legendary investor George Soros called for comprehensive debt relief for Greece. "Everyone knows that it can never pay back its debt." Greece is close to a primary budget surplus after a lot of pain and suffering, says Soros, whose speculation against the pound forced the UK to withdraw from the Exchange Rate Mechanism in 1992.
"If the official sector could forgo repayment as long as Greece meets the conditions imposed by the troika [of the International Monetary Fund (IMF), European Central Bank (ECB) and European Commission]," Soros added, "private capital would return and Greece could rapidly recover. I can testify from personal experience that investors would flock to Greece once the debt overhang is removed."
Greek Prime Minister Antonis Samaras has also recently called for a new round of debt relief for his country. "What is important to me is not to procrastinate too much for a solution," he said. But the German government in particular rejects a writedown of Greek government debt. At most, it wants to discuss lower interest rates and longer loan maturities -- measures that many economists do not regard as being sufficient to solve the problems.
In addition, the German head of the European Stability Mechanism (ESM) permanent bailout fund, Klaus Regling, pointed out that debt write-downs are prohibited under ESM rules. The majority of Greece's debt is now held by public institutions, i.e. the IMF, the ECB and other EU member states. If these debts have to be written off, the cost wil be met by taxypayers.
Soros recognizes this problem: "The official sector cannot write down its debt because that would violate a number of taboos, particularly for the ECB." These issues, however, could be surmounted under German leadership.
(Excerpt) Read more at spiegel.de ...
Everyone knows Soros isn’t wearing any clothes (other than sovereign paper).
1. everyone knew this from day one.
2. soros must be making a euro play.
what does the old testiment say about not being able to pay back debt?
This is one scary SOB. It is a long read but it will help you to understand why certain things are happening with the current administration.Who Is George Soros?
He brought the market down in 2 days.
Here is what (CBS’) Mr. (Steve) Kroft’s research has turned up. Bit of a read, but it took 4months to put it together.
“The main obstacle to a stable and just world order is the United States.?
“George Soros is an evil man. He’s anti-God, anti-family, anti-American, and anti-good.” He killed and robbed his own Jewish people.
What we have in Soros, is a multi-billionaire atheist, with skewed moral values, and a sociopaths lack of conscience. He considers himself to be an elitist world class philosopher, despises the American Way and just loves to do social engineering (change cultures).
Nice going. Run up a huge debt and expect others to bail you out. Only in a liberal world. This type of money maging scheme will soon be coming to a U.S. city near you. Did I mention “liberal so suck the big one”
George Soros......what a great guy......always trying to help everyone out......a real humanitarian.....he always gave the Jewish kids a piece of candy before he turned them over to the Nazis.
Attention Soros,,,,,,anyone with a brain had this figured out from day one.
Neither can the United States.
And neither will we.
Hey Soroshole, get relief for us too, you Obama worshipping bottom feeder.
Can’t we unload all of our worthless debt on $0r0$?
Hopefully money doesn’t guarantee longevity and he will assume room temperature son.
The politicians keep pretending that there is a debt plan that is working, that balanced budgets and economic improvements are just around the corner.
The lies are told everywhere in Europe from Greece to Italy to Spain to Germany, France and the UK.
I am all for Soros paying off Greece’s debt. I would think that a man of his wealth has a moral responsibility to the peoples of the world. Matter of fact, we should confiscate his money immediately if not sooner.
-——’Greece Can Never Pay Back Its Debt’——
Neither can Deeetroit, Illinois,California nor America.
Deetroit is the model for the others
O.K. Soros, YOU pay it back for them! They just have been doing what YOU have advocated HERE!
Know thy enemy!
Yup, he’ll end up at the very bottom of Dante’s hell. The Ninth Circle — Treachery.
String along your creditors until Jubilee year?