BUSINESS
06/14/2011 02:33 pm ET | Updated Aug 14, 2011

George Soros: Europe 'Making A Mistake' By Waiting On Debt Crisis

OSLO - The chances of positively resolving Europe's serious debt problems are decreasing from day to day as authorities focus on "buying more time," not solving problems, billionaire investor George Soros said on Tuesday.

"You have a very serious problem in Europe, the over-indebtedness of some countries: Greece, Portugal and Ireland," Soros told an economic conference.

"The authorities are not providing a solution but basically buying time. They have always done that, that is the normal thing for authorities to do. In this case, I'm afraid they are making a mistake."

"There is a resolution, probably under pressure of the crisis, a resolution will be found but the sooner it is done the better."

(Reporting by Oslo newsroom)

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