Soros for Bloomberg: There is 50-50 Chance for GREXIT
According to billionaire and financial expert George Soros, the chance for Greece to leave the Eurozone is 50-50, as the country has entered a 'lose-lose game'' cycle.
''Greece is a long-fastering problem that was mishandled from the bginning by all parties,'' he explained in an interview for Bloomberg.
Since January of this year, as the newly-elected Greek government came to power, the struggle for securing a more favorable financial aid package without imposing austerity measures has been ongoing.
The controversial debate also took an unexpected turn, when the newly-elected leftist SYRIZA party in Greece demanded that Germany repays its WWII reparations.
In the opinion of Soros, the situation has now almost reached a critical point, as the patience of the Troika creditors - the International Monetary Fund, the European Commission and European Central Bank has almost run out.
“You can keep on pushing it back indefinitely,” by making interest payments without writing down debt, Soros explained. “But in the meantime there will be no primary surplus because Greece is going down the drain.”
In his opionion, the situation is further aggravated by the predicted raise in interest rates, caused by the US Federal Reserve's policies.
The billionaire, whose fortune has been estimated at USD 28.7 B, also discussed the Ukrainian crisis. He explained that without foreign investment and assistance, Ukraine will not be able to transform into a democratic society and that the '' oligarchs will come back and assert their power''.
“That fight has actually started in the last week or so,” Soros concluded.
The full interview with him will be broadcast live on Bloomberg.
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