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The future of the eurozone is in question even if Greece manages to survive its deficit crisis and hold its place in the monetary union, said billionaire investor George Soros.
Writing in the Financial Times, Soros said the eurozone needed more intrusive monitoring and institutional arrangements for conditional assistance. A well-organized eurobond market would also be desirable, he said.
Soros argued that even a successful Greek rescue would still leave Spain, Italy, Portugal and the Republic of Ireland facing the scrutiny of financial markets and together they constitute too large a portion of the monetary union to be bailed out in a similar way.
Greece's deficit is over four times than E.U. rules allow and is estimated at about EUR 300 billion.
Its fiscal plan aims to reduce the budget deficit, estimated at 12.7% of gross domestic product, to less than 3% by 2012, but many analysts remain sceptical.
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