BUDAPEST Oct 26 Billionaire investor and
philanthropist George Soros said on Monday the global economic
crisis will have a "serious and lasting" impact, adding that
withdrawing stimulus measures will be a difficult process.
In a brief interview with Hungarian public television
during a visit to Budapest, Soros said the world must learn
the lesson from the crisis and overhaul the regulation of
When asked if he was afraid that this will not happen once
the crisis is over, he said:
"Very much so because ... one year after the crisis, now
that the financial framework has been successfully held
together and money markets start to recover, people would like
to forget this (crisis) just as a bad dream," Soros said.
He also said withdrawing and exiting stimulus measures,
such as government loan guarantees to ease the credit crunch,
will be very difficult.
"When the market starts to operate again, these monies
will have to be withdrawn and this will be very difficult ...
and the lesson must be learned, why this happened and how the
system can be changed to make it work better," he said.
Soros, who runs hedge fund firm Soros Fund Management and
has made his reputation with bold currency bets, is conducting
a series of lectures at Budapest's Central European University
this week about his philosophical theories and views on
financial markets, and open society.
Soros will speak about financial markets on Tuesday.
(Reporting by Krisztina Than; Editing by Jan Paschal)