: BBC: Soros warns of EU disintegration

18:53 Jun. 26, 2016

BBC: Soros warns of EU disintegration

Soros Fund Management Chairman George Soros speaks during a panel discussion at the Nicolas Berggruen Conference in Berlin, Germany, Oct. 30, 2012 (AP Photo)

Billionaire investor George Soros has warned that Britain's vote to leave EU makes the disintegration of the bloc "practically irreversible"

However, he called for thorough reconstruction of the EU in an attempt to save it.

Before Thursday's UK referendum, Mr Soros had warned of financial meltdown if Britain voted to leave.

In his latest comments, he said the effects of the decision would damage Britain.

Read also Kerry flies to London and Brussels to discuss Brexit outcome

"Britain eventually may or may not be relatively better off than other countries by leaving the EU, but its economy and people stand to suffer significantly in the short- to medium term," Soros wrote on the Project Syndicate website.

Mr Soros made huge profits in 1992's "Black Wednesday" by betting against the British pound as it crashed out of the European Exchange Rate Mechanism.

Before Friday's vote he warned of a similar meltdown, predicting a Brexit victory would send the pound down by 15-20%. In the event, sterling fell about 10% to a 31-year low. Full story 

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