This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.
George SorosA global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital.
George SorosThe dark comes before dawn. The financial markets are under great pressure because of the lack of leadership during the transition period.
George SorosOnce we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.
George Soros