UNITED STATES (OBSERVATORY) – The soaring dollar, capital flight and devaluation of emerging market currencies are on the agenda of the global economy, which is inevitably heading for a new financial crisis, said investor and billionaire George Soros.
The flight of capital from emerging markets and the soaring dollar may cause a new major financial crisis, said George Soros , billionaire US-Hungary.
He highlighted the termination of the nuclear deal with Iran and the destruction of the transatlantic alliance between the European Union and the United States.
These facts “will necessarily have a negative effect on the European economy and will cause other upheavals,” he said, quoted by Bloomberg.
We must also expect a devaluation of currencies emerging markets, he noted.
“Everything that went wrong went wrong,” he said.
In this context, he spoke about the refugee crisis in Europe, the austerity policies and the “territorial disintegration” illustrated by Brexit.
The remedy proposed by Soros is a “Marshall Plan” of Europe for Africa to alleviate migratory pressures. He also proposed a radical transformation of the EU and the possibility for member countries to renounce joining the single currency.
The activities of the Soros Foundation, Open Society , had previously been suspended in Hungary, as the country’s authorities believe that the billionaire is funding companies that help irregular migrants to enter European Union countries.
The media also announced that the billionaire had invested more than half a million dollars in the campaign to end the Brexit process.
On May 8, the US President announced his decision to withdraw the United States from the Vienna agreement on the Iranian nuclear program, which has been strongly criticized by the EU.
On 18 May, the European Commission adopted the first package of measures to protect European companies in Iran against US sanctions, legally canceling them in the EU.
The Russian Foreign Ministry said relations between the European Union and the United States were close to a trade war.