Soros: Italy is the focal point of euro

The 85-year-old financier George Soros, interviewed by the Italian newspaper Corriere della Sera, has intervened in the debate on the situation of Italian banks: "I agree that Italy represents a question mark to the euro in this moment. In particular, it is for the weakness of its banking system. It is something that Matteo Renzi must find a way to solve. I believe there is the will, certainly on the part of Germany, to be cooperative. Germany supports the efforts of Italy and this is important to get to a solution. "

The solution now, to Soros, is patience: "Of course, now we have to wait the outcome of the European Banking Authority's stress tests on institutions at the end of July". The bail-in, Soros believes that "go find some point of compromise under which the bail-in is applicable to institutional investors who have those debt securities, but the public would be offset because it was not properly informed of the risks" .