Germany's Resistance May Prove 'Fatal' to Europe George Soros
Avoid the US Dollar collapse entirely! www.swissamerica.com Germany's resistance to a banking union and stimulus measures is in the way of a solution to Europe's debt crisis, and could turn this week's meeting of the region's leaders into a "fiasco", according to billionaire investor George Soros. German Chancellor Angela Merkel has so far rebuffed all proposals to help relieve Spain and Italy from the jump in their borrowing costs and has resisted allowing the European Central Bank (ECB) to step up buying of peripheral sovereign debt. That poses a threat to the region's stability, Soros said in an editorial in the Financial Times on Monday. "This threatens to turn the June (28) summit into a fiasco which may well prove fatal because it will leave the rest of the euro zone without a strong enough firewall to protect it against the possibility of a Greek exit," Soros wrote. "Even if a fatal accident can be avoided, the division between creditor and debtor countries will be reinforced and the "periphery" countries will have no chance to regain competitiveness because the playing field is tilted against them." France and Italy are urging Germany, the region's largest economy, to take decisive action to end the two-and-a-half-year old debt crisis as Spain's 10-year bond yields jumped to more than 7 percent last week. Merkel has opposed "premature" proposals for issuing euro-area bonds backed by the ECB, arguing that such debt can't be sold until there is a full fiscal union <b>...</b>
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