George Soros: eurozone crisis has entered a 'more lethal phase'

Source: The Guardian

George Soros has warned that the eurozone has entered a "more lethal phase" and outlined a series of measures to solve the crisis - including an idea that all countries should be able to refinance their debt at the same interest rate.

Soros, known as the man who broke the Bank of England by betting that the UK would be forced to devalue the pound during the 1992 currency crisis, said that "far from abating, the euro crisis has recently taken a turn for a worse".

Soros, who is chairman of Soros Fund Management - which in 2011 stopped managing money for outside investors - warned that Europe was facing "a long period of economic stagnation or worse" whether or not the euro endures. He also warned that while countries in Latin America suffered a lost decade after their economic crisis in 1982, the European Union would not survive such an economic malaise.

"The deflationary debt trap threatens to destroy a still incomplete political union," he said in an article published in the Financial Times.

Read more: http://www.guardian.co.uk/business/2012/apr/12/george-soros-eurozone-crisis