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Soros: euro may not last without global plan-paper

Published 01/29/2009, 01:20 PM
Updated 01/29/2009, 01:24 PM

NEW YORK, Jan 29 (Reuters) - The euro may not survive unless the European Union pushes for an international agreement on toxic assets, billionaire investor George Soros told Austria's Der Standard newspaper.

"One would need a type of agreement on lost capital, so that the burden is shared, and in which every country is part of, otherwise more countries will suffer," said Soros in an interview with the paper, which was published on its Website.

"The EU should do this. If they don't do this then the euro may not survive the crisis."

The euro shed more than 1 percent to fall below $1.30 and plunged against the yen on news of the comments.

A warning from European Central Bank President Jean-Claude Trichet that the ECB could push interest rates below 2 percent and use other measures to boost growth also hit the euro, as did data showing the biggest monthly jump in German unemployment in four years. (Reporting by Kristina Cooke; Editing by James Dalgleish)

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