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Soros tells Germany accept eurobonds or quit euro
George Soros, the billionaire investor, has urged Germany to reverse its position on eurobonds or consider leaving the single currency, as he suggested that the euro's prospects would be improved if its most powerful member were to quit.

Mr Soros, dubbed "the man who broke the Bank of England" for his $10bn bet against sterling in the 1990s, said that the introduction of eurobonds - a form of pooling sovereign debt so that member countries' borrowings are guaranteed by the whole eurozone - would be "miraculous" for the 17-nation bloc, with or without its strongest member.

"The danger of default would disappear, as would risk premiums. Banks’ balance sheets would receive an immediate boost, as would the heavily indebted countries’ budgets," said Mr Soros in a Project Syndicate article.

"Eurobonds would not ruin Germany’s credit rating. On the contrary, they would compare favourably with the bonds of the United States, the United Kingdom, and Japan."

Mr Soros said that if other countries were to issue Eurobonds without Germany, the bloc's borrowing costs would still compare favorably with those of the US, UK, and Japan because a German exit would see the currency depreciate, debtor countries regain their competitiveness, and debt diminish in real terms.

"If they issued Eurobonds, the threat of default would disappear. Their debt would suddenly become sustainable," he said.

"Europe would be infinitely better off if Germany made a definitive choice between Eurobonds and a eurozone exit, regardless of the outcome," he added.

"Indeed, Germany would be better off as well. The situation is deteriorating, and, in the longer term, it is bound to become unsustainable. A disorderly disintegration resulting in mutual recriminations and unsettled claims would leave Europe worse off than it was when it embarked on the bold experiment of unification. Surely that is not in Germany’s interest."

Mr Soros said that he expected Germany to be in recession by the time the country holds elections in September because of the mass quantitative easing launched by the Federal Reserve in America, the Bank of Japan, and the Bank of England.

"A weaker Yen coupled with the weakness in Europe is bound to affect Germany’s exports," said Mr Soros.

He criticised Germany's pro-austerity stance and said the country's approach to Cyprus's recent bail-out had gone "too far" by trying to bail-in uninsured depositors.

"The financial problem is that Germany is imposing the wrong policies on the Eurozone. Austerity doesn’t work," he said.

"You cannot shrink the debt burden by shrinking the budget deficit. The debt burden is a ratio between the accumulated debt and the GDP, both expressed in nominal terms. And in conditions of inadequate demand, budget cuts cause a more than proportionate reduction in the GDP – in technical terms the so-called fiscal multiplier is greater than one."

Mr Soros has repeatedly called for Germany to do more to support the single currency or leave it. Last October, he said that Germany should act as the leader of the union such as the United States was for the free world after the Second World War.

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