George Soros: Greece Is Going Down The Drain

March 24, 2015 0 Comments

Billionaire George Soros tells Bloomberg TV something I’ve already known for the longest time  that Greece’s chances of leaving the Eurozone stands exactly 50-50; however, he is among a group of hedge fund managers who believes that Greece is going to leave the euro sooner rather than later. Nevertheless, the country is still in big trouble and it’s “going down the drain,” as Soros puts it.

Next Monday, Greek Prime Minister Alexis Tsipras and the Syriza government is scheduled to provide a plan to the ECB  so the ECB can continue to provide Greece with enough funds to repay their debtors. However, some believe that a compromise must be made on Greece’s debt burden, which may include pushing back the debt almost indefinitely. Yes, this is technically a default, but there doesn’t seem to be any real solution on how Greece can manage to repay the derivatives SWAP insurance payments it owes to its creditors.

Soros explains…

Soros also explains that Euro leaders are too focused on Greece and should devote their energies on Ukraine instead. For the most part, I agree. Greece is already a lost cause. Ukraine, on the other hand, is already in the stages of becoming the next Greece.

 

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