Weekend Economists Enumerate the Wealth of Nations, February 10-12, 2012

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71. Soros: Greek Bailout Won’t Rid Europe of ‘Danger’

http://www.bloomberg.com/news/2012-02-11/soros-says-greek-bailout-not-enough-to-rid-europe-of-danger-.html

Billionaire investor George Soros predicted weak growth and lingering political tension that could shatter Europe’s economic union even if Greece agrees to austerity measures.

“Right now the European Union and particularly the heavily indebted countries face a lost decade,” Soros said. “It might actually be longer than a decade because Japan that had a similar situation with the real estate boom and the banking crisis has had now 25 years of no growth,” Soros said.

“That will create tensions within the European Union, which could destroy the European Union,” he said. “And that’s a real danger.”

Soros spoke in an interview taped on Feb. 9 for CNN’s “Fareed Zakaria GPS,” scheduled to air today.