Chitchat Brexit is just the tip of iceberg, Soros say EU will collapse

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EU collapse is now 'practically IRREVERSIBLE' after Brexit, says George Soros

BRITAIN'S decision to break away from the EU makes the eventual dissolution of the EU 'practically irreversible', George Soros has claimed.
By EMILY FOX
04:07, Mon, Jun 27, 2016 | UPDATED: 08:00, Mon, Jun 27, 2016


George Soros claims Brexit means EU collapse is 'practically irreversible'
The billionaire, known as the man who broke the Bank of England, has said that Brexit is the final nail in the coffin for the EU.

He said the UK's split from the EU is likely to hasten the break-up of the 28 member bloc, to be 27 after UK exit.

He said:"The consequences for the real economy will be comparable to the financial crisis of 2007-2008 but the implications for Europe could be far worse.

"Tensions among member states have reached breaking point, not only over refugees but also as a result of exceptional strains between creditor and debtor countries within the eurozone."

Mr Soros made around £690million after his infamous bet that sterling was overvalued against the Deutsche Mark, which forced former Prime Minister John Major to pull the pound out of the European Exchange Rate Mechanism (ERM).

And now Soros appears to be profiting from the turmoil stemming from Britain's vote.

On Friday, investors, including Soros rushed to buy gold which pushed its price to a two year high because both the pound and the FTSE 100 fell sharply in the hours following the result.

Soros added: "Brexit will open the floodgates for other anti-European forces within the Union."

Already, political opposition is growing in other countries opposed to further European integration.

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Barely a day after the U.K. referendum, parties in places like the Netherlands and Austria suggested they might hold votes of their own.

Soros claimed the largest threat in Europe also comes from Italy, where the populist Five Star Movement may rise to power as a "full blown banking crisis" looms.

He added that the EU was a "flawed construction."


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