The billionaire is also gloomy about finding a reliable vaccine for the coronavirus
London — Billionaire financier George Soros has said the EU could break apart in the wake of the new coronavirus pandemic unless the bloc issues perpetual bonds to help weak members, such as Italy.
Soros said the damage to the eurozone economy from Covid-19 will last “longer than most people think”, adding that the rapid evolution of the virus means that a reliable vaccine will be hard to develop. “If the EU is unable to consider it now, it may not be able to survive the challenges it now confronts,” Soros said in a transcript of a question and answer session e-mailed to reporters. “This is not a theoretical possibility; it may be the tragic reality.”Soros, who earned fame by betting against the pound in 1992, said that with major countries, such as Germany, selling bonds with a negative yield, perpetual bonds would ease a looming budget crunch across the bloc.
“There is a solution,” said Soros. “The taxes only have to be authorised; they don’t need to be implemented.”
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