George Soros warned of an international economic collapse and several nations leaving the euro currency at a panel discussion in Vienna, Austria this past weekend.
Soros, the legendary investor who ran the Quantum Fund with Jim Rogers, stated that “There’s no arrangement for any countries leaving the euro, which in current circumstances is probably inevitable. We are on the verge of an economic collapse which starts, let’s say, in Greece, but it could easily spread. The financial system remains extremely vulnerable,” according to a Bloomberg report.
“I think most of us actually agree that” Europe’s crisis “is actually centered around the euro,” Soros continued. “It’s a kind of financial crisis that is really developing. It’s foreseen. Most people realize it. It’s still developing. The authorities are actually engaged in buying time. And yet time is working against them.”
Due to the fact that the “survival of the EU is of vital interest to us all,” Soros warned that a “Plan B,” is need. Such a plan could consist of EU-wide taxes, a “banking system guaranteed by European institutions, not a bunch of national banking systems,” and/or a financial transaction tax.
“You need a Plan B and there’s no Plan B at the moment,” Soros contended. Instead, “authorities are sticking to the status quo” and not “recognizing that there are fundamental flaws that need to be corrected,” he said.
Extorre Receives Permit at Gold-Silver Discovery
Extorre Gold Mines (XG.TSX, XG: AMEX) announced this morning that the company has received formal approval of the Environmental Impact Assessment (EIA) for its Cerro Moro gold-silver project in Argentina from the Santa Cruz provincial government. The EIA was submitted to authorities in September 2010. This approval, coupled with the receipt of the Project Pre-Feasibility Study – expected in June 2011 – will permit Extorre to proceed with advanced engineering and mine development at its high-grade gold-silver discovery.
The company also announced that it purchased surface rights covering 14,000 hectacres over the principal vein zones at the project. Shares of XG have gained 35.1% thus far in 2011.
Full Extorre Gold Mines Press Release.
