CREDIT: SIMON DAWSON/BLOOMBERG
George Soros says EU referendum Brexit vote is likely to damage Britain
Billionaire investor George Soros has called for thorough reconstruction of the European Union in order to save it, even though he warned that Britain’s vote to leave the bloc makes “disintegration of the EU practically irreversible.”
Soros made huge profits in 1992 by betting against the British pound as it crashed below the preset level and had to be withdrawn from the European Exchange Rate Mechanism.
Soros, who warned of financial meltdown if Britain voted to leave the EU before Thursday’s referendum, also said the effects of the decision will likely damage Britain.
“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,” he wrote in a commentary on the website Project Syndicate.READ MORE