Investor George Soros calls for reconstruction of EU after ‘Brexit’ vote

In the event, sterling fell around 10 percent on Friday, hitting a 31-year low, but never went below $1.32. It is not known if Soros bet against the pound. A Soros spokesman declined to comment on whether the investor made money on bets placed on Brexit.

“Now the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible,” wrote Soros. “The financial markets worldwide are likely to remain in turmoil as the long, complicated process of political and economic divorce from the EU is negotiated.”

He said the consequences for the real economy would be comparable to the financial crisis of 2007-2008.

Soros said the EU had broken down and ceased to satisfy its citizens’ needs and aspirations. Nevertheless, he called for support to reconstruct it.

“After Brexit, all of us who believe in the values and principles that the EU was designed to uphold must band together to save it by thoroughly reconstructing it,” he wrote. “I am convinced that as the consequences of Brexit unfold in the weeks and months ahead, more and more people will join us.”

(Reporting by Bill Rigby- Editing by Tom Brown and Franklin Paul)