Soros: Business Lobby Wants Return to Drachma

 Billionaire investor George Soros said a default of Greece may not have to result in an exit of the country from the euro area.
“Greece may pose a problem if it in fact defaults but defaulting by itself doesn’t necessarily mean they will leave the euro,” Soros told reporters in Davos, Switzerland today. “But the need to at least reach a primary surplus may force Greece out of the euro. One of the problems in Greece is that there is a powerful group that is in favor of Greece leaving the euro zone. Many owners of newspapers and conglomerates have very big interest in paying taxes in drachmas and not in euros.” (Bloomberg)