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Soros sees economic stimulus measures 'starting to work'

May 11, 2009 |  4:11 pm

Unless something has been lost in the translation, George Soros no longer is preparing for the End Times.

The legendary financier sounds amazingly upbeat today in an interview in Germany's Frankfurter Allgemeine newspaper.

Georgesoros "The free fall of the economy has been stopped, the collapse of the financial system averted," Soros said, according to Bloomberg News. "National economic stimulus measures are starting to work. Part of the money that had been parked on the sidelines is coming back into financial markets."

That’s a much sunnier view than he had as recently as Feb. 20, when he said at a Columbia University dinner that the world had "witnessed the collapse of the financial system. It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."

Still, Soros is in Wall Street’s consensus camp about the future -- meaning he sees a long grind ahead.

He told the Frankfurt newspaper that he expected the economic recovery to make up for about half of the loss in output caused by the financial crisis, before "moving into stagnation," according to Bloomberg.

If your German is sehr gut, go here.

-- Tom Petruno

Photo: George Soros. Credit: Jose Luis Magana / Associated Press

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