Hedge fund legend George Soros thinks the vote for a British exit from the European Union is bringing calamity to the world's financial markets.
"Unfortunately, Brexit has not only created an opening to reinvent the European Union — it has alsoaggravated two looming dangers," Soros said on Thursday.
"First, it unleashed a crisis in the financial markets, comparable in severity only to 2007/8.This has been unfolding in slow motion, but Brexit will accelerate it. It is likely to reinforce the deflationary trends that were already prevalent."
Soros also said that the economic tribulations that have befallen the UK following the vote could, in fact, lead to a more unified EU rather than its end, as some have warned.
"The referendum has highlighted for people in Britain just what they stand to lose by leaving the EU," he said.
"If this sentiment spreads to the rest of Europe, what seemed like the inevitable disintegration of the EU could be instead creating positive momentum for a stronger and better Europe."
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