Billionaire investor George Soros said on Wednesday that the austerity Germany wants to impose on other euro-zone nations "will push Europe into a deflationary debt spiral."
Speaking to reporters at the annual meeting of the World Economic Forum in Davos, Soros also said that measures taken by the European Central Bank in December have relieved the liquidity problems of European banks, but "they did not cure the financing disadvantage from which the highly indebted member states suffer."
Instead of the International Monetary Fund, "Germany is acting as the taskmaster imposing tough fiscal discipline," Soros said
"This will generate both economic and political tensions that could destroy the European Union."
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