Markets not constructive in eurozone crisis, says Soros
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George Soros says financial markets are not playing a constructive role in the eurozone debt crisis.
George Soros
Soros says markets are “not always right” in gauging risk and vulnerability in an interview with Bloomberg TV at the World Economic Forum at Davos.
He says: “The financial markets always look for the weak point and they attack the weak point. And unfortunately, there are a lot of weak points.”
Soros adds: “The markets have moods. And there’s an interaction between the authorities and the markets and it is really the job of the authorities to show that they are in control and that they have adequate resources and they have a plan.
“And that the European authorities haven’t yet learned. So they are disunited.”
The billionaire investor – who made a $1 billion profit when the UK was forced to withdraw from the European exchange mechanism in 1992, known as ’Black Wednesday’ – says investors could be be blamed from profiting from the current ecnomic situation.
He says: “I have often been blamed for destroying things, but it’s like shooting the messenger that delivers the bad news.
“There is still bad news, whether you shoot the messenger or not.”
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