Famous billionaire investor George Soros claims that the euro area will have no choice but to develop a mechanism that would allow weaker economies to exit the monetary union as these countries will inevitably need to abandon euro.

According to Soros, the risk that Greek crisis will spread and contaminate other European nations is high. The specialist underlined that the financial system remains extremely vulnerable. Soros says that the crisis in Europe is still developing. In his view, the region’s authorities are trying to buy time, while time is working against them.

We have already heard Soros speaking in January in Davos that the currency union would dissolve. The well-known market player believes that the European leaders have to adjust their policies both for core and peripheral member states to promote their economic recovery. In his opinion, they have to look for alternative strategies to solve the debt crisis such as taxes for the whole EU.