Global puppeteer George Soros writes in an FT Op-ED that while Greece could be salvaged by a makeshift financial-rescue package, bigger problems lie ahead for the euro.
Soros says that "a makeshift assistance should be enough for Greece," but warns that the growing threats posed by Spain, Italy, Portugal and Ireland - could prove overwhelming.
"Together they constitute too large of a portion of euroland to be helped in this way," Soros said. "The survival of Greece would still leave the future of the euro in question. Even if it handles the current crisis, what about the next one?"
Soros is correct, but he sure sounds like he is short PIIGS debt. Doesn't it? He also sounds like he is short the euro, but I don't see the euro has damaged if the ECB doesn't print bailout money. Actually, a rescue package is worse for the euro if the ECB ends up printing euros as part of the bailout, though markets are reacting opposite, on a short-term basis, to this thinking.
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