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George Soros on Euro crisis: German empire in the making?

Following is an excerpt from the text of the speech made by George Soros, the legendary investor, on 2 June 2012 in Italy.

Inside an IKEA store in Stockholm, Sweden
Inside an IKEA store in Stockholm, Sweden
The Euro crisis demonstrates the role of misconceptions and a lack of understanding in shaping the course of history. The authorities didn’t understand the nature of the euro crisis; they thought it is a fiscal problem while it is more of a banking problem and a problem of competitiveness. And they applied the wrong remedy: you cannot reduce the debt burden by shrinking the economy, only by growing your way out of it. The crisis is s...
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