“The EU will collapse if Greece defaults”

In an interview with the German magazine «Der Spiegel», billionaire investor George Soros explained that high-rate loans currently prevent Greece from recovering and predicts that the same will happen to Italy, if forced into the same "tight spot."

He proceeded to a new intervention on Bloomberg, always on the situation in Greece and after the parliamentary voting for the new memorandum, he said that the EU and especially the highly indebted countries are "facing a lost decade." He predicted that this will create tensions within the EU, which could eventually destroy it.

He did not hesitate to use harder characterizations: "Greece is a sick situation that has been dealt with the 'wrong' handling by the European authorities and will continue to be a problem for Europe."

Regarding a possible default for Greece, he warns that this would bring the people of Italy and Spain to the bank counters and then destroy all of Europe. Nevertheless, he considers that Europe will bail out Greece once again.

He criticized Angela Merkel, arguing that she is leading Europe in the wrong direction. As he said, the countries facing an economic crisis should be refreshed with injections of growth, instead of being pushed only towards austerity measures.