Legendary billionaire investor George Soros is worried that another “major financial crisis” could be lurking around the corner, CNN reports.
Soros, speaking at the annual meeting of the European Council on Foreign Relations in Paris Tuesday, said that rising anti-European Union sentiment, the disruption to the Iran deal, a soaring dollar and investors taking money out of emerging markets are adding up to bad news for the global economy.
“We may be heading for another major financial crisis,” he said.
Soros said that the rise of populism in Europe is a significant problem.
“The European Union is in an existential crisis. Everything that could go wrong has gone wrong,” Soros said in his prepared remarks.
And he lamented the fact that since 2008, the European Union’s austerity programs helped lead to the euro crisis. And that gave rise to anti-EU movements that are partly responsible for Brexit and the recent political turmoil in Italy.