Published On: Tue, Jun 21st, 2016

Soros sees Russia emerging as global power as EU fades

Soros warned Britain that leaving the EU would cause job losses, potentially causing a recession.

George Soros / Getty


Billionaire investor George Soros said on Monday he saw Russia emerging as a global power as the European Union collapses, in much the same way as the EU flourished when the Soviet Union started falling, Reuters reports.

Speaking in London at an event hosted by the Open Russia, a Russian opposition movement founded by Kremlin critic Mikhail Khodorkovsky,  Soros added that the current situation is much the same when the EU flourished while the Soviet Union started collapsing.

He also noted that he felt “more than ever” that the destiny of the EU is hinged on Ukraine’s future.

On the other hand,  Soros accused Western countries of not implementing the principle decisions to help Kiev. He said Ukraine is on the verge of economic collapse and the EU should take implement emergency financial measures.

Earlier this year soros told Bloomberg that the European Union may soon collapse due to the migrant crisis and a lack of leadership. “in order to survive the EU needs strong leaders and external assistance, including from Russia.”


Regarding Britain leaving the EU, Soros, famously known for his currency speculations wrote in The Guardian,   published late Monday: “Sterling is almost ­certain to fall steeply and quickly if leave wins the referendum.”

Soros, 85, one of the world’s richest men according to Forbes magazine, made $1 billion in one day by betting against the pound in a 1992 currency crisis. He expects a drop for the currency of at least 15%.

“If Britain leaves the EU it will have at least one very clear and immediate effect that will touch every household: the value of the pound would decline precipitously, ” he wrote in an article in the Guardian newspaper published late Monday.  .

“Then ironically one pound would be worth about one euro –- a method of ‘joining the euro’ that nobody in Britain would want, ” Soros added.

Soros warned that leaving the EU would lower house prices and cause job losses, potentially causing a recession.

“speculative forces” he said “would be eager to exploit any miscalculations by the British government or British voters”.

“A vote for Brexit would make some people very rich -– but most voters considerably poorer, ” Soros wrote.

“A vote to leave could see the week end with a Black Friday, and serious consequences for ordinary people.”


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