George Soros, the man who in 1992, made $1bn out of ‘Black Wednesday’ has said that British Prime Minister Gordon Brown might have to go begging for international aid to the tune of billions of pounds.
He stated that Britain was particularly vulnerable to the economic crisis. Mr Soros was prompted to speak out following the failure of a government bonds auction.
Soros warned that in order to avert a full-scale depression, the like not seen since the thirties, the G20 meeting of the world’s most influential people would have to take immediate action.
He said “It’s really a make or break situation.” He further stated that Gordon Brown had underestimated the severity of the problem.
As it is, the world leaders have just four and a half hours at London’s ExCel Centre to put right the world’s banking system and solve a massive problem which has global implications of massive proportions.
The 20 member nations should remember that in 1944 at Bretton Woods, an agreement on a new global financial structure took 22 days to negotiate.
Can it be achieved in a matter of a few short hours? Hardly likely!