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Soros: German austerity could spark currency war

US investor George Soros has warned Germany's push for austerity in Europe could spark a dangerous "currency war" with global economic repercussions.

Soros: German austerity could spark currency war
Photo: DPA

Speaking Thursday evening at the World Economic Forum in Davos, Switzerland, the billionaire renewed his criticism of Berlin’s focus on restrictive fiscal and monetary policy to solve Europe’s sovereign debt crisis.

“The rest of the world follows a different recipe from the Germans. Germans believe in austerity, and the rest of the world believes in quantitative easing,” Soros said in an interview, according to news agency Reuters. “I think the biggest danger is actually, potentially, a currency war.”

Hungarian-born Soros is famous for making $1 billion in 1992 by betting against the British pound on global currency markets.

Despite his criticism of Germany’s handling of the euro crisis, Soros said the immediate threat to Europe’s single currency appeared to be receding.

Soros said Germany would always do “the minimum” to ensure the euro’s survival, Bloomberg News reported. And as other countries pursued looser monetary policies than the European Central Bank, Europe’s currency was bound to strengthen in the coming months.

“I generally don’t know how far things go but I can see which way they are going,” he said. The trend is for the “euro to rise and the yen to fall.”

The Local/mry

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FOOTBALL

‘I’m fine — under the circumstances’: Collapsed Danish striker tweets from hospital

Christian Eriksen, the Danish football player who collapsed on the pitch in his country's opening Euro 2020 game, said that he was doing "fine" in an Instagram post from hospital on Tuesday.

'I’m fine — under the circumstances': Collapsed Danish striker tweets from hospital
Danish striker Christian Eriksen tweeted a picture of himself in hospital. Photo: DBU

“I’m fine — under the circumstances, I still have to go through some examinations at the hospital, but I feel okay,” he wrote in a post accompanying a photo of him smiling and giving a thumbs-up while lying in bed.

In a scene that shocked the sporting world and beyond, the 29-year-old Inter Milan midfielder suddenly collapsed on the field in the 43rd minute of Denmark’s Group B game on Saturday against Finland in Copenhagen.

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Medical personnel administered CPR as he lay motionless on the field for about 15 minutes before being carried off the pitch and rushed to hospital. He was later confirmed to have suffered cardiac arrest.

“Big thanks for your sweet and amazing greetings and messages from all around the world. It means a lot to me and my family,” he wrote in Tuesday’s post. “Now, I will cheer on the boys on the Denmark team in the next matches. Play for all of Denmark.”

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