Log in
A+ A A-

Soros blames German government for Greek mismanagement

In his new book “Betting for Europe”, published on Monday, American investor George Soros launces a fierce attack against Chancellor Angela Merkel and German Finance minister Wolfgang Schauble's handling of the European economic crisis and particularly the way their policies affected Greece.

“The Germans and Mr. Schauble messed up the bailout of Greece”, he writes, adding that if Berlin doesn't change a course of action on the matter, the only way for the Euro to be saved, will be if Germany leaves the common currency.

Mr. Soros' new book is actually more like a long interview conducted by Der Spiegel journalist Gregor-Peter Schmitz. In excerpts of the book published in German daily Handelsblatt, Soros criticizes the Chancellor's policy all through the crisis. “She has yet to realize that the Euro is the means and not the end”, he writes.

He compares her policies to those of the Americans after WWII, who focused on European reconstruction, willing to forgive past trespasses. Unlike them, he says, Germany is more interested in sanctions and penalties than offering a positive vision for the continent's future, as the Americans did for Germany after the war.

He points out an obvious contradiction. While Germany assumed more responsibility and burden for Southern Europe's bailout, it remains adamant against financial assistance for the countries suffering under recession imposed mainly by Germany.

According to the international financier, the biggest mistake Mrs. Merkel made after the crisis outbreak was to recall promise of responsibility on which the EU was built: “All for one and one for all”.

Soros' views are shared by many American and British economists and also reflect the view of the Obama administration. It offers support to the Chancellor's opponents in EU policy, but unfortunately, unless the German public says otherwise, Ms Merkel will remain the sole enforcer of EU bailout policies.