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Sunday 21 September 2014

Ireland got raw deal from Europe in bailout, says billionaire investor George Soros

Thomas Molloy in Davos

Published 25/01/2013 | 12:14

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George Soros

BILLIONAIRE investor George Soros said Ireland got a "raw deal" during the financial crisis.

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The legendary investor, who has been a long-time supporter of Ireland since the crisis began, said today that Iceland had done better since the crisis than Ireland. Still, he predicted that we would get a deal that involved the "minimum" possible to save the country.

Mr Soros has a good track record when it comes to predictions. He said in Davos two years ago that German Chancellor Angela Merkel would not let the euro collapse and slammed the conditions imposed on Ireland during the bailout as unjust. He said then that Ireland had made it clear that the deal would need to be renegotiated and urged the international community not too wait until 2013 to begin those talk.

Mr Soros, who is one the harshest critics of Germany's austerity policies, said in Davos yesterday that the euro is here to stay and would remain strong against other currencies as other governments devalue.

The man who made more than $1bn shorting sterling in the early 1990s also said that the next two years will see further instability because the euro's fundamental problems have not ben resolved.

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