The European Union is heading to a major global financial crisis, billionaire George Soros said in Paris.
In the tycoon and philanthropist’s opinion, the surging dollar and the flight of capital from emerging markets can lead up to such turn of events. The break of the nuclear deal with Iran and the destruction of “the EU and the US trans-Atlantic alliance” will necessarily have a negative impact on the European economy and cause other dislocations, including the devaluation of the currencies of developing countries, Soros said in the Paris speech as quoted by Bloomberg.
“We may be heading to another major financial crisis,” Soros warned.
“Anything that could go wrong has gone wrong,” he said, recalling the crisis with the refugees and the austerity policies, which, in his opinion, catapulted populists into power.
Soros also referred to the ruinous “territorial disintegration”, notably the UK’s exit from the EU. “It is no longer a figure of speech that Europe is in existential danger: it is a harsh reality,” the billionaire concluded.
In his opinion, Europe should develop and finance a 30 billion euro “Marshall Plan” for Africa, the implementation of which can reduce migration pressure. Soros also proposed a radical transformation of the EU, including the abandonment of the legislation on the mandatory participation of EU countries’ in the euro area.
“The euro has many unresolved problems, and they should not be allowed to destroy the European Union,” Soros concluded.
In January 2017, Soros warned about the threat the threat of the transformation of the policy of Donald Trump into a dictatorship. “I would describe him [Trump] as a deceiver and a swindler. And he can become a dictator if he manages to get out of the water, “he said then.
The billionaire also said that Trump insists on another form of government, which is opposed to an open society.
“In fact, it’s better to describe it as a dictatorship or a mafia state.”.