Umfrage zum Brexit: Wovor fürchten sich die Briten?
Billionaire investor George Soros is issuing a stark warning if Britain would vote this week to leave the European Union. He says Britain leaving the E.U. would lead to a currency and stock market disaster. Newslook
Hungarian-born U.S. magnate and philanthropist George Soros attends an economic forum in Colombo, Sri Lanka. on Jan. 7, 2016.(Photo: LAKRUWAN WANNIARACHCHI, AFP/Getty Images)
LONDON Billionaire currency trader George Sorosbelieves a British vote to leavethe European Union could severely damage living standards andtrigger a plunge in the British pound bigger than on Black Wednesday nearly 24years ago.
Writing in an opinion piece for theGuardiannewspaper on Tuesday,Soros saidthe pound could fall by at least 15% and possibly by more than20%. When Britain crashed out of the European Exchange Rate Mechanism in September 1992,the currencylost 15% of its value. Britain"sreferendum on EU membership takes place on Thursday and the results are expected the following day.
I would expect this devaluation to be bigger and more disruptive,"said Soros, adding: "To start off, (the pound) is almost certain to fall steeply and quickly if there is a vote to leave."
TheEuropean Exchange Rate Mechanism was a financial system used to reduce volatility in exchange rates. At the time,Soross Quantum Fund bet that the British currencywas overvalued against Germanys Deutsche mark currency, forcing the British government to pull the pound out of the system. He made a billion-pound profit, or about $1.5 billion. The incident happened on a Wednesday.
Soros said a fall in the pound in the event of "Brexit" a British exit from the EUwas unlikely tobring a rise in manufacturing exports,whichhappened after 1992.
If (the pound)fell to this level, then ironically one pound would be worth about one euro a method of "joining the euro"that nobody in Britain would want," he added.
Britain"sJustice Secretary Michael Gove, a prominent campaigner for the "leave" campaign, said Soros had been wrong before.
If economic forecasters were as reliable as doctors or airline pilots then wed all be billionaires, he told BBC radio on Tuesday.
Speaking on London radio station LBC on Tuesday, Boris Johnson, also of the "leave"campaign, said he wouldapologize to the British people if the country votes for Brexit and there is a recession.
Prime Minister David Cameron urged Britons to vote to remain in the bloc in a speech outside his headquarters in Downing Street, two days before the referendum.
Saying "Brits don"t quit," heappealed to older voters considering voting for Brexit, telling them to think about the hopes and dreams of your children and grandchildren.
If we vote out, thats it. Its irreversible, he said
Meanwhile, soccer star David Beckham announced his support for remain in a statement Tuesday.
We live in a vibrant and connected world where together as a people we are strong, he said.For our children and their children we should be facing the problems of the world together and not alone."
A poll by market research firm Survation for spread-betting company IG published Tuesday said 45% supported "remain" and 44% supported "leave." Anotherpoll byYouGov forThe Timesnewspaper published late Monday said42% would vote to remain,44% would vote to leave, and9% didn"t know.
It came after twopolls published over the weekend suggestedthat support had swung back toward remaining in the EU.
Global stocks rallied Monday as investors reacted to the polls that showed "remain" was gaining momentum. They were up again Tuesday over optimism that Britain will stay in the EU.
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Source: http://www.usatoday.com/story/news/world/2016/06/21/george-soros-warns-brexit-black-friday/86168172/
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