Soros Calls the G20 Summit a ‘Turning Point’ for the Global Markets

Billionaire investor George Soros described Thursday in an interview on BBC television the G20 summit as ‘a turning point’ and a ‘success.’ The hedge fund manager, who said last week that the G20 meeting in London would be a “make or break event” for global markets, added: “I think it has definitely made it.”

Also today, Soros spoke to CNBC’s Maria Bartiromo at the conclusion of the summit, where he talked about the news that the world leaders clinched a $1.1 trillion deal to boost the global economy.

Full transcript: [via Clusterstock]

MARIA BARTIROMO: THE G-20 SUMMIT WINDING DOWN AND NEW PROMISES HAVE BEEN MADE TO DRAMATICALLY INCREASE SPENDING IN EMERGING ECONOMIES. IT IS ONE OF THE TOP CONCERNS OF BILLIONAIRE INVESTOR GEORGE SOROS. HE’S JUST RELEASED HIS BOOK “THE CRASH OF 2008 AND WHAT IT MEANS.” IN A FIRST ON CNBC INTERVIEW TODAY I SPOKE WITH HIM ABOUT THE IMF’S ROLE IN HELPING THE POOREST COUNTRIES. [to Soros] YOU’VE SEEN THE COMMUNIQUÉ. YOU’VE BEEN IN SOME OF THESE MEETINGS. WHAT’S YOUR REACTION? WHAT DID YOU THINK ABOUT THE COMMUNIQUÉ?

GEORGE SOROS: THEY MANAGED TO GET MORE THAN I EXPECTED. THEY REALLY PULLED A FEW RABBITS OUT OF THE HAT, AND I THINK IT WAS A VERY IMPRESSIVE COMMUNIQUÉ, AND I THINK GORDON BROWN, IT’S REALLY PROBABLY HIS FINEST HOUR.

BARTIROMO: WHY?

SOROS: BECAUSE HE REALLY DID SEE THE NEED FOR ADDRESSING THIS GLOBAL PROBLEM. BECAUSE YOU HAVE THE LESS DEVELOPED WORLD FACING A POTENTIAL COLLAPSE AS THE BANKS DON’T ROLL OVER THEIR LOANS. SO SOMETHING HAD TO BE DONE. AND HE DID MANAGE TO BRING IT TOGETHER. AND I WOULD SAY THAT IT’S PROBABLY THE FIRST TIME THAT THE AUTHORITIES ARE ACTUALLY AHEAD OF THE CURVE.

BARTIROMO: LET’S TALK ABOUT THE MONEY FOR THE IMF. IT COULD… read the whole thing here >

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