Soros: U.S. Already In Double Dip Recession, Two or Three Euro Countries Could Default

Source: Norway UN (Flickr)
On 9/21/2011, billionaire George Soros, founder of the Quantum Fund and Soros Fund Management, shared his views on the euro zone crisis and U.S. economy with Maria Bartiromo on CNBC. He thinks the U.S. is already in a double dip recession and "two or three of the small countries" in Europe could default.

Soros: "I think that you could have two or three of the small countries default or leave the euro provided it is prepared and done in an orderly way."

Bartiromo: "Is what's happening right now in the U.S. and Europe worse than the Lehman Brothers fallout?" Soros: "It is a more dangerous situation, and i think that the authorities, when push comes to shove, will do whatever it takes to hold the system together."

Bartiromo: "Do you think we'll see a double dip here in the U.S.?" Soros: "I think we are in it already." (video and transcript source: CNBC)

FYI: Over the weekend, The Telegraph broke news that a €2 trillion fund is being planned "to meet Italy and Spain’s financing needs in the event that the two countries were shut out of the markets. Officials are working on a way to leverage the EFSF (440 billion rescue package) through the European Central Bank to reach the target."

Multi-trillion plan to save the eurozone being prepared (Telegraph, 9/24/2011) 
The €2 trillion fund to save the euro (Telegraph, 9/25/2011)
IMF may need billions in extra funding, says Lagarde (Telegraph, 9/25/2011)
EFSF's Regling: EFSF Borrowing From ECB May Not Be Legal (WSJ, 9/24/2011)


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