George Soros negative on Germany
George Soros, the infamous investor who "broke the Bank of England", has issued a stinging rebuke regarding German economic policy. He believes that Germany has the potential to pull down the Eurozone due to various austerities measures which will, in his opinion, stunt growth in Germany in the short to medium term. If he is correct this will have a massive impact upon the Eurozone as Germany is by far and away the most influential economy in Europe at the moment.
This comes on the day when credit rating agencies appear to be backing the UK government's budget, effectively a mixture of budget cuts and tax increases, as a means of tackling the UK financial position and also creating a firm base for growth in the future. Only 24 hours ago there were concerns amongst the credit rating companies with the potential for the UK to lose its goldplated Triple-A rating unless significant measures were taken.
Even though the measures taken by George Osborne have been well received in the marketplace, in general, there is still much work to be done and he cannot afford to take his eye off the ball during what will be a very difficult and a very challenging period for the UK economy.
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