European Debt Crisis Worse than 2008 - George Soros

Famed investor and billionaire George Soros says that the European soveriegn debt crisis may be worse than the financial crisis of 2008. Read the full article here.

The euro zone crisis stems from the use of sovereign credit to substitute failing commercial credit in the wake of the 2008 financial troubles, said the Hungary-born investor who attracted global attention for his 1992 bet against the British pound that earned $1 billion for his Quantum hedge fund.

"The excessive use of sovereign credit has now brought sovereign credit into question," he added.

The current crisis is even more serious than the global financial meltdown of 2008, Mr. Soros said, warning that any collapse of European banks would have global consequences.