Achtung Baby! European Union Could Become 'German Empire' - Soros

Billionaire investor George Soros predicts that the euro will survive, but cautions that Europe is likely to become "a German empire."  In a speech in Italy on Saturday, Soros said that the survival of the euro probably will lead to a prolonged depression in southern Europe, but northern Europe will continue to do well economically.

The outcome would be that the South -- including Spain, Italy and Greece -- would require a constant influx of cash from their northern neighbors. "It would be a German empire with the periphery as the hinterland," Soros said of the European Union.

He said the eurozone is likely to survive because a breakup would be "devastating" for its member states, including Germany, noting that "Germany is likely to do what is necessary to preserve the euro –- but nothing more…."

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