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Soros, Roubini&Co discussed the Greek economy in New York

28 February 2010 / 17:02:42  GRReporter
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The famous investor of Greek origins Stelios Zavos gathered the most outstanding minds from Wall Street in order to discuss the economic crisis in Greece announces Wall Street Journal. At the “Mystical Supper” were present another famous investor – George Soros, the not less famous professor in economics in the University of Stern Nouriel Roubini, John Polson, owner of the famous eponymous hedge fund in New Your, the inventor of the euro Robert Mandel and other famous characters from the transoceanic financial elite. The conversation was held in a private house in Manhattan. All participants in the discussion expressed their fears that the Greek economy will fall into a deep and prolonged recession if the government puts in practice the rehabilitation measures for the public finances which it has announced.

Nouriel Roubinin confirmed his opinion that Greece has to ask for the help of the International Monetary Fund and pointed out the well known arguments – the European Union does not have the necessary mechanism to act in critical for the public finances situations, while the IMF has the right know how. Besides the Fund would provide to Greece financial funds, which currently the EU abstains from providing.

On the other side John Polson who according to the publication has bet 4 billion dollars in favor of the bankruptcy of Greece predicted difficulties in the payment of the public debt, due to the announced by the government measures which will lead to even greater recession. According to Wall Street Journal Polson expects a bankruptcy of the country within the next 5 years. The financial expert predicts that the country will managed to find 25 billion euro for the payment of the government bonds which are due in March and April, however it would not avoid the bankruptcy.

More optimistic was George Soros who stated that Greece is trying its best to come out of the crisis and at the end of the day it will manage to do that. The father of the euro Robert Mandel also was optimistic towards the exiting of Greece from the crisis under the condition that it applies the announced already measures and under the condition that it receives subsidy by the European Union. According to him the financial crisis is not a problem at all for the common European currency, but it is for the bad management of the public finances of the country.

At the same time in Athens started to fade out the initial euphoria surrounding the invitation of the American president Barack Obama to the Greek Prime Minister George Papandreou to visit the White house. Politicians and media express their fears of the price which Greece will have to pay in the case of an eventual pressure on the part of America on the European partners to provide financial support to the country in trouble Greece. On the other hand Athens fears that not only that it would be forced to step back from the argument about the name of Macedonia, but it would have to make greater compromises about the solving of the Cyprian problem and also to support more energetically the Turkish membership in the EU.

Tags: Soros Roubini Polson Greek eocnomic crisis bankruptcy
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