NEW YORK - The financial crisis provides an incentive for countries that use the euro to remain inside the monetary union, billionaire investor George Soros said on Monday, though countries on the periphery still face serious problems.
Speaking on Reuters Financial Television, Soros said the euro has been a tremendous advantage to countries that use it, adding there's no question of a weaker country dropping out.
While additional resources for the International Monetary Fund will help it stabilize struggling Eastern Europe, he added that the Baltic states still face serious problems and Ukraine is not far from default.
Widespread use of credit default swaps has worsened the risks Europe faces, he said, though he added that Germany, the euro zone's biggest economy, is becoming more open to offering help.
Germany, which has been the most reserved about being the deep pocket of the rest of Europe, has recognized that it too has a responsibility toward the new member states, he said.
Germany has been one of the most reluctant major economies to meet U.S. calls for more fiscal stimulus spending to boost the global economy and fight the financial crisis.