Скачать или смотреть George Soros highly critical of Germany's EU austerity strategy

(25 Jan 2012) SHOTLIST
1. Mid shot of George Soros arriving on podium
2. Wide of Soros addressing audience
3. SOUNDBITE (English): George Soros, Hungarian-American billionaire investor:
"Half a solution is not enough. It leaves the weaker members of the eurozone relegated to the status of third-world countries that have become highly indebted in a foreign currency. Instead of the IMF (International Monetary Fund), Germany is acting as the task master imposing tough fiscal discipline, and this will generate both economic and political tensions that could destroy the European Union."
4. Cutaway of audience
5. SOUNDBITE (English): George Soros, Hungarian-American billionaire investor:
"It is Germany that dictates European policy because at times of crisis the creditors are in the driver's seat. The trouble is that the austerity that Germany wants to impose will push Europe into a deflationary debt spiral."
6. Cutaway of audience
7. SOUNDBITE (English) George Soros, Hungarian-American billionaire investor:
"Now what lies ahead? Economic deterioration and a process of political and social disintegration will mutually reinforce each other. Up to the introduction of the euro the European leadership was in the forefront of further integration. Now they are clinging to the status quo. Treaties and laws that were meant as stepping stones have turned into immovable rocks."
8. Wide of Soros addressing audience
9. SOUNDBITE (English) George Soros, Hungarian-American billionaire investor:
"When a car is skidding, you first have to turn the steering wheel in the direction of the skid. And only after you have regained control can you correct the direction. In this case you must first impose strict fiscal discipline on the deficit countries and encourage structural reforms. But then you must find some stimulus to get you out of the deflationary spiral because structural reforms alone will not do it."
10. Wide of George Soros leaving podium as audience applauds
STORYLINE
Billionaire investor George Soros sharply criticised the handling of the European financial crisis on Wednesday, saying that weaker eurozone countries such as Greece and Italy were being relegated to the status of highly indebted third world countries.
Addressing a lunch at the World Economic Forum in Davos, Switzerland, Soros said Germany's role in imposing strict fiscal discipline on its neighbours risked destroying the European Union.
He warned that the austerity Germany wants to impose would lead Europe into a deflationary debt spiral.
The veteran financial guru added that Europe faces a future of economic deterioration, and political and social disintegration.
However, he said this bleak view wasn't inevitable, provided that the EU, the IMF and other key parties signed up to greater economic stimulus.
Likening the global economy to a car that's skidding out of control, he said that first you have to turn into the direction of the skid, and only then can you correct the direction.
In the current case, he said, the first step was fiscal discipline and structural reforms - but this had to go hand in hand with a stimulus package to help the economy grow.

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