FXstreet.com (Barcelona) -The emblematic investor George Soros,
speaking at the World Economic Forum in Davo (Switzerland) told the
audience that "the euro is now here to stay," according to
Soros was one of the main detractor of the shared-currency back in
June last year, when structural problems in Europe were escalating,
peripheral yields were going through the roof, and another long
list resulting on a grey outlook for the currency.
However, once the ECB President Mario Draghi sent the famous
message "the ECB will do whatever it takes to save the euro", only
then, a change in Soros' opinions started to form, thus he shared
with the audience that the immediate crisis is over.
Although he stressed that "there is no time for complacency, and
that austerity is not what Europe needs right now" notes Matthew
Boesler from Business Insider.
Soros added that the next 12 to 24 months will still be "very
tense," as Germany will continue to err on the side of caution when
taking bold actions needed to re-assure to investors the survival
of the euro.
Further comments from Soros, courtesy of Tony Connelly, Europe
Editor for RTE News, Ireland's public service broadcaster:
"The momentum is for the euro to rise and the Yen to fall, but it
will be resisted by the US. The divergence between the Yen and euro
will be aggravated, will badly affect Germany. Europe is an outlier
in that it's not involved in quantitave easing."