Soros: Germany going into depression in 6 months

Soros: Germany going into depression in 6 months - MarketWatch

 The recession in Europe will spread to Germany, the euro-zone's largest economy, within six months, said George Soros, chairman of Soros Fund Management. "The policy of fiscal retrenchment in the midst of rising unemployment is pro-cyclical and pushing Europe into a deeper and longer depression," Soros said in prepared remarks for a speech in Berlin Monday. "That is no longer a forecast; it is an observation. The German public doesn't yet feel it and doesn't quite believe it. But it is all too real in the periphery and it will reach Germany in the next six months or so." Germany needs to abandon its demands for austerity in other countries, and embrace the continued fiscal unification of the region, or leave the euro zone itself, he said. Soros also said he prefers Germany stay in the euro zone and work to boost growth, create a joint fiscal authority and guarantee common bonds, according to media reports citing an article in the New York Review of Books.