Soros: China Saved The Euro

George Soros

Photo: Wikimedia Commons

George Soros believes the euro is here to stay and that China had a role to play in its survival.”In a way, China saved the euro,” said George Soros at a Reuters Newsmaker event this morning.

Soros described China’s intervention, buying the euro and the sovereign debt of European fringe states like Greece, as an act that backstopped the currency and gave confidence to the markets.

Once it was discovered that China was a buyer, the euro jumped from its value of $1.20 to $1.30, according to Soros.

Soros now believes that the eurozone is set to continue, and that states will not leave the currency area. He did speculate that if any state was likely to leave it would be Germany.

The area is in the midst of building what will grow into a central treasury, according to Soros, who said the €750 billion ECB bailout fund is the start of such a thing.

Here’s why Europe is doomed to crisis after crisis >

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