Soros: Eurozone Dissolution Could Lead to Great Depression
A possible dissolution of the eurozone could have consequences graver than those of the Great Depression, according to renowned financist George Soros.
Tuesday the billionaire was on a visit to the European Parliament in Brussels, after which he commented recent developments in the eurozone financial crisis.
"At present the euro is able to take the shock from crisis in Greece, including a default, given that Europe prepares adequately," said Soros.
He also commented that recent proposals from countries such as China and Brazil to join the rescue efforts were not good for the European monetary union.
"I think that the European Financial Stability Facility is sufficient to tackle the crisis," said Soros, adding that given that adequate efforts are put into place, stability could be reached within 3 months.
According to Soros, it might be at present better for some countries to stay out of the eurozone, its dissolution, for which some have speculated, is sure to lead to disastrous financial consequences for the EU and beyond.
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