The legendary FX trader also said that the start of European QE at the same time the U.S contemplates raising interest rates "probably creates some great opportunities for hedge funds but I'm no longer in that business.”
There is now a fifty-fifty chance that Greece will leave the euro and get back on the drachma, leading the country to go “down the drain,” self-made billionaire George Soros said.
Soros is probably the most well-known FX trader in the world and a figure many turn to for analysis of the markets. He secured his place in the economic history books as the infamous "man who broke the bank of England" in 1992, by betting against the pound, forcing the U.K out of an Exchange rate regime.
Speaking in a Bloomberg TV interview in his London home due to air today, Soros commented on the prospects of Greece breaking away from the euro zone, cross Atlantic interest divergence and the crisis in Ukraine.
Referring to the chance a country may for the first time ever abandon the common European currency, he said, “It’s now a lose-lose game and the best that can happen is actually muddling through. Greece is a long-festering problem that was mishandled from the beginning by all parties.”
The bodies trying to mitigate the crisis, the European Commission, the European Central Bank (ECB) and the International Monetary Fund, might fail in their negotiations with Greece’s far left Syriza government, which could result in a “breakdown,” Soros said.
“You can keep on pushing it back indefinitely, making interest Payments without writing down debt", Soros said. “But in the meantime there will be no primary surplus because Greece is going down the drain.”
“Right now we are at the cusp and I can see both possibilities.”
Great Opportunities
Beyond the Greek drama, Soros also spoke about other issues he thinks the world should pay attention to. The launch of quantitative easing by the ECB at a time when the U.S. Federal Reserve contemplates raising interest rates “creates currency fluctuations,” he said.
“That probably creates some great opportunities for hedge funds but I’m no longer in that business,” the founder of the Soros Fund Management claimed.
Additionally, Hungary-born Soros said the war in eastern Ukraine between the Kiev government forces and Russian-speaking rebel militia supported by President Vladimir Putin concerned him the most.
Without more external financial assistance the “new Ukraine” will probably gradually deteriorate and “become like the old Ukraine so that the oligarchs come back and assert their power,” he said. “That fight has actually started in the last week or so.”
There is now a fifty-fifty chance that Greece will leave the euro and get back on the drachma, leading the country to go “down the drain,” self-made billionaire George Soros said.
Soros is probably the most well-known FX trader in the world and a figure many turn to for analysis of the markets. He secured his place in the economic history books as the infamous "man who broke the bank of England" in 1992, by betting against the pound, forcing the U.K out of an Exchange rate regime.
Speaking in a Bloomberg TV interview in his London home due to air today, Soros commented on the prospects of Greece breaking away from the euro zone, cross Atlantic interest divergence and the crisis in Ukraine.
Referring to the chance a country may for the first time ever abandon the common European currency, he said, “It’s now a lose-lose game and the best that can happen is actually muddling through. Greece is a long-festering problem that was mishandled from the beginning by all parties.”
The bodies trying to mitigate the crisis, the European Commission, the European Central Bank (ECB) and the International Monetary Fund, might fail in their negotiations with Greece’s far left Syriza government, which could result in a “breakdown,” Soros said.
“You can keep on pushing it back indefinitely, making interest Payments without writing down debt", Soros said. “But in the meantime there will be no primary surplus because Greece is going down the drain.”
“Right now we are at the cusp and I can see both possibilities.”
Great Opportunities
Beyond the Greek drama, Soros also spoke about other issues he thinks the world should pay attention to. The launch of quantitative easing by the ECB at a time when the U.S. Federal Reserve contemplates raising interest rates “creates currency fluctuations,” he said.
“That probably creates some great opportunities for hedge funds but I’m no longer in that business,” the founder of the Soros Fund Management claimed.
Additionally, Hungary-born Soros said the war in eastern Ukraine between the Kiev government forces and Russian-speaking rebel militia supported by President Vladimir Putin concerned him the most.
Without more external financial assistance the “new Ukraine” will probably gradually deteriorate and “become like the old Ukraine so that the oligarchs come back and assert their power,” he said. “That fight has actually started in the last week or so.”
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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