Germany must defend the euro, wrote billionaire George Soros (in picture) in an opinion article published on Reuters' blog. Soros calls the measures announced by European authorities 'half-measures' and said Europe failed to increase the size of the European Financial Stability Fund. This fund can deal with bank solvency, but national agencies' power has not been transferred to the European body, he writes. And the aid given to Greece did not include the grounds that the help would succeed.

The lights are now on Spain and Italy. “Germany and the other eurozone members with AAA ratings will have to decide whether they are willing to risk their own credit to permit Spain and Italy to refinance their bonds at reasonable interest rates,” writes Soros. George Soros is Chairman of Soros Fund Management and of the Open Society Institute.

Read the full story on the Reuters Blog. It has been originally posted on Project Syndicate.

editor@romania-insider.com

(photo source: World Economic Forum, Davos)