Billionaire George Soros Predicts ‘Disorderly Disintegration’ For The European Union: Will Brexit Be Followed By Frexit And Nexit?

Kim McLendon - Author
By

Jun. 27 2016, Updated 2:56 p.m. ET

Brexit might destroy the European Union, according to George Soros, who predicts Britain will long outlive the EU in this power struggle. Eventually, the stock market will recover. Still, Mr. Soros predicts another recession, similar to the 2008-2009 banking crisis and the housing bubble. A recession may be on the horizon, especially for the British; but, for the EU, this could be the beginning of the end.

George Soros, the billionaire hedge fund mogul, has some dire predictions for the EU. Forbes relates that Mr. Soros, whose net worth is about $24.9 billion, believes the EU will leave Europe worse off than if they’d never developed the concept of a union of European nations.

Article continues below advertisement
Blockquote open

“[The European Union is] heading for a disorderly disintegration that will leave Europe worse off than where it would have been had the EU not been brought into existence.”

- Blockquote close
Article continues below advertisement

Brexit could leave Britain in severe recession over the short run, says George Soros. The British may have some trials ahead, but they will survive to recover their losses.

Blockquote open

“Britain eventually may or may not be relatively better off than other countries by leaving the EU, but its economy and people stand to suffer significantly in the short to medium term. The pound plunged to its lowest level in more than three decades immediately after the vote.”

- Blockquote close
Article continues below advertisement

Brexit may actually benefit Britain over the long term. Still, the European Union departure is exacting a toll on Great Britain right now. Standard & Poor’s decided to strip the U.K. of its perfect AAA credit rating, dropping them to an AA rating instead. Fitch, another credit agency, reduced the U.K. credit rating from AA+ to an AA rating, according to the Telegraph.

Article continues below advertisement

George Soros predicts that even the U.K. may not survive whole, though. Scotland and Northern Ireland voted to stay with the EU. Will they leave the EU or leave the U.K.? Will they have a choice?

Blockquote open

“Moreover, the U.K. itself may not survive. Scotland, which voted overwhelmingly to remain in the EU, can be expected to make another attempt to gain its independence, and some officials in Northern Ireland, where voters also backed Remain, have already called for unification with the Republic of Ireland.”

- Blockquote close
Advertisement

Latest Brexit News and Updates

    © Copyright 2023 The Inquisitr. The Inquisitr is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.