The current debt crisis in Europe is more dangerous than the global financial crisis of 2008. According to Reuters, the well-known American billionaire and investor of Hungarian origin, George Soros, made this statement today. Already last week, he pointed out that the collapse of the euro and the disintegration of the European Union would have disastrous consequences for the world’s financial system.
“The euro now has the potential to threaten the political cohesion of the European Union,” Soros said, according to Business Line. “If the single currency collapses, it will lead to the collapse of the entire European Union. And it will be disastrous not only for Europe, but for the entire global financial system,” he added.
The head of the International Monetary Fund (IMF), Christine Lagarde, warned last month that the world economy was in a dangerous situation. According to him, Europe must clarify to investors how exactly to fight the debt crisis in the euro zone.
At the December anti-crisis summit, EU representatives agreed on deeper eurozone integration, provision of up to 200 billion euros (more than five trillion crowns) to the International Monetary Fund (IMF) and earlier introduction of Europe’s ESM stabilization mechanism.
“The December summit didn’t provide enough financial details,” Lagarde said in a recent interview with the French newspaper Journal du Dimanche. “It will be useful for Europeans to speak with one voice and present an easy-to-understand and detailed schedule (of anti-crisis measures). Investors are waiting for that,” he added.
“Tv nerd. Passionate food specialist. Travel practitioner. Web guru. Hardcore zombieaholic. Unapologetic music fanatic.”
