Euro-zone governments have around three months to ensure the survival of the single currency, billionaire investor George Soros said in a speech on Saturday.
“We are at an inflection point. After the expiration of the three months’ window, the markets will continue to demand more but the authorities will not be able to meet their demands,” he warned in a speech at the Festival of Economics in Trento, Italy.
The European Union is “like a bubble” – not a financial bubble but a political bubble -- that could pop as a result of the euro -zone crisis, Soros said.
Establishing a new authority could require a change in the EU treaties, a usually lengthy and politically painful process which requires ratification in all 27 member states of the bloc.
Unemployment across the 17 countries that use the euro stayed at 11 percent in April — the highest level since the single currency was introduced back in 1999, piling further pressure on the region's leaders to switch from austerity to focus on stimulating growth.
Iranian Brigadier-General Yahya Rahim Safavi Photo / Reuters, Leonhard Foeger
The UN nuclear watchdog and Iran will hold a new round of talks this week to try to reach an agreement to resume a long-stalled probe into suspected atom bomb research in the Islamic state, IAEA chief Yukiya Amano said on Monday.
Amano, director general of the International Atomic Energy Agency, made a rare visit to Tehran two weeks ago and said when he returned to Vienna that he expected a framework cooperation deal to be signed soon with Iran.
Western diplomats have voiced doubt that Iran will implement any such agreement with the Vienna-based UN agency, which says Tehran has stonewalled its investigation for almost four years.
Iranian Brigadier-General Yahya Rahim Safavi has warned the United States not to resort to military action against it, saying U.S. bases in the region were vulnerable to the Islamic Republic's missiles, state media reported on Saturday.
Bible prophecy, encouragement and our commitment to the Lord ... America’s moral collapse accelerated by the courts and by a political party in Congress ... Insight from a long-time Obama friend: He knows a great deal about Islam and knows little about Christianity ... Comprehensive assessment on Israel’s northern border concerns: "The risk to Israel is taking shape. The challenge we are facing is a huge one." ... Netanyahu: The issue of settlements would be solved automatically once there are agreed-upon borders
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