George Soros Opinion Against ECB Rate Increase due Eurozone Member Debts

George Soros Opinion Against ECB Rate Increase due Eurozone Member Debts

Billionaire investor George Soros said the European Central Bank?s decision to raise its benchmark lending rate was ?quite inappropriate? because several euro member countries are suffering from too much debt.

European Central Bank President Jean-Claude Trichet yesterday raised the benchmark interest rate to 1.25 percent from a record low of 1 percent, where it had been since May 2009. Policymakers will bring the rate to 1.5 percent in July and 1.75 percent in October, according to the median of 20 estimates in a Bloomberg News survey.

Source: George Soros Opinion Against ECB Rate Increase due Eurozone Member Debts