Soros: Germany headed for self-made recession
Data released Tuesday showed German exports fell 1.5% in February, a weaker performance than many economists were expecting. The eurozone accounts for about 40% of Germany's exports.
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Germany is heading for a recession of its own making, warned billionaire George Soros.
In a speech in Frankfurt this week, the Hungarian-born investor said he expected Europe's largest economy to be contracting by the time Germans vote in national elections in September.
Pointing to the Cyprus bailout, he said the eurozone crisis was far from over and was likely to become more acute in the months ahead.
"Germany itself remains relatively unaffected by the deepening depression that is enveloping the eurozone," he said. "I expect, however, that by the time of the elections, Germany will also be in recession."
Eurozone gross domestic product shrank by 0.6% in 2012 and is forecast to contract by a further 0.5% this year, according to the European Central Bank.
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