George Soros: Greece Faces ‘Real Danger’ of Messy Default
November 3 — Greece faces the “real danger” of a disorderly default, which raises the specter of a run on banks in other countries, billionaire investor George Soros said.
Any Greek debt reduction “must be done in an orderly manner” and authorities need to ensure that Greek banks are “kept alive” and deposits are safe, Soros said in a speech in Budapest Thursday.
“There’s a real danger of a disorderly default,” Soros said. “I’m not at all sure it’ll happen, but it’s a real danger.” Without support for the lenders, “you’re liable to have a run on the banks in other countries as well. That’s the danger of a meltdown.” Read more.
