European Union needs perpetual debt to survive

Objections by Poland and Hungary over an EU plan to deal with the economic crisis has put the bloc in a “very difficult situation” and raises doubts over its future, according to billionaire investor George Soros. Soros had previously said the EU should issue “perpetual bonds,” which means the principal amount of the money borrowed would never be repaid, only the annual interest payments. It also assumes the EU would last forever and therefore keep paying the interest back to the lender. Perpetual bonds could allow the region to fund projects at very low costs. However, Soros has changed his mind, writing in an opinion article that “Ri

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