News - Investment
Billionaire investor George Soros has warned the eurozone’s debt problems could potentially be worse than the Lehman Brothers’ collapse due to a lack of leadership on the Continent.
The hedge fund manager said European policymakers will not come up with measures to help fund European banks, with shares now back at their lowest point since March 2009.
In an interview with The New York Times, Soros said eurozone leaders have no idea how they will give markets a much needed boost.
He added with no plan in place, Europe's banks will struggle to ride out the crisis.
"This crisis has the potential to be a lot worse than Lehman Brothers," said Soros.
"The lack of an authoritative pan-European body to handle a banking crisis of this severity is causing a huge problem.
"You need a crisis to create the political will for Europe to create such an authority, but there is still no understanding as to what the authority will do."
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