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UPDATE 1-Soros: European crisis more dangerous than 2008
January 9, 2012 / 2:56 PM / 6 years ago

UPDATE 1-Soros: European crisis more dangerous than 2008

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BANGALORE, Jan 9 (Reuters) - Europe’s debt crisis is more dangerous than the 2008 global financial crisis, billionaire investor George Soros said.

“We now have a crisis, which in my opinion is even more serious than the crash of 2008,” Soros said on Monday at a business event in the southern Indian city of Bangalore .

“You had the institutions that were necessary to control the situation (in 2008) -- a functioning central bank, the Federal Reserve system, and a functioning T reasury,” he said.

“In the case of the e uro, you have a European Central Bank but you don’t have an European treasury. That institution is missing , ” he said.

Soros, who made investment history by earning $1 billion with a bet against the British pound two decades ago, said last week that a collapse of the euro and break-up of the European Union would have catastrophic consequences for the global financial system.

He was speaking as French President Nicolas Sarkozy and German Chancellor Angela Merkel prepared to meet to discuss ways to boost growth and improve fiscal coordination in the euro zone. (Reporting by Harichandan Arakali; Writing by Sumeet Chatterjee; Editing by Subhadip Sircar and Ted Kerr)

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