George Soros slams treatment of Irish by European Union
Says rescue plan for Irish economy will be modified
George Soros has told a gathering at the World Economic Forum in Davos, Switzerland that the treatment of Ireland by the European Union has been “patently unjust.”
“It is patently unjust that the Irish people should absorb all the losses made by the banks and that the bondholders should be totally free, and that I think will have to be modified," Soros said. "Greece in due course, maybe sooner rather than later, will also have to be restructured. Portugal also probably needs it."
Soros said Ireland's massive debt debts was an "unresolved problem" that cannot wait. "You can't wait until 2013 to start restructuring the debt. Ireland is putting Europe on notice that they will want to renegotiate the settlement that the current government did."
Ireland’s probable next leader, Fine Gael’s Enda Kenny and his finance spokesman Michael Noonan met European Commission President Jose Manuel Barroso on Friday to discuss the €85bn ($116bn) bailout and put him on notice they wanted a lower interest rate.
Soros also criticised the Irish Government's decision to repay bond holders who lent to the banks.
A restructuring of debts "can be absorbed" the American financier stated.
"It will cause losses, and if there are any losses then this emergency fund should be able to provide equity to replace missing equity in the banks,"
Soros is a long-term skeptic of the Euro but acknowledged that "the euro is here to stay" because "there's a commitment for it to be here."
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