George Soros, the man who made $1 billion by shorting the British pound on Black Wednesday in 1992, is backing the Euro by investing billions of his own cash.Soros, who holds the record for making the most money in a day, revealed at the World Economic Forum this week that he’d recently bought over $2 billion in European bonds (mainly Italian not Greek).On the face of it, the news will welcomed by readers who are nervous about the destabilizing effect the euro crisis is having on overseas property sales in Europe.However, the picture painted by the multi-billionaire, now 81, is less reassuring.Soros believes the world faces one of the most dangerous periods in modern history with the possibility of a period of “evil” in Europe if the economic system collapses.“The euro must survive because the alternative—a breakup—would cause a meltdown that Europe, the world, can’t afford,” he told delegates.
via globaledge.co.uk
This is good news!
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