Hedge fund guru George Soros believes that the Euro will be the demise of the European Union, as reported by financial news outlet ZeroHedge.
In an interview with Dutch television program Nieuwsuur, Soros fears that Germany’s austerity program is “counter-productive” and is “bound to break up the European Union.”
Specifically, Soros predicts that the program could lead the region into a “long-lasting depression, until the pain is so big that eventually there may be a rebellion, a rejection of the E.U., and that that would then be the destruction of the E.U."
The hedge fund manager added that there is no "villain" in the situation and that Germany "lack[s] understanding of very complex problems."
Soros’ firm, Soros Fund Management, has transitioned into a family office after it returned all outside capital last July to avoid reporting requirements under the Dodd-Frank Act.