Billionaire investor George Soros argued the UK's vote to leave the European Union would make the "disintegration of the EU practically irreversible."

Commenting on the website Project Syndicate published Saturday, he warned the referendum would also have damaging consequences for Britain.

Soros had issued similar remarks ahead of the vote, warning of possible financial meltdown.

"But the implications for Europe could be far worse. Tensions among member states have reached a breaking point, not only over refugees, but also as a result of exceptional strains between creditor and debtor countries within the eurozone," he opined.

“Now the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible. The financial markets worldwide are likely to remain in turmoil as the long, complicated process of political and economic divorce from the EU is negotiated.”

The investor, however called for the reconstruction of the union that should be supported by "all of us who believe in the values and principles that the EU was designed to uphold."

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