30 Jan 2012

Lost decade foreseen for Europe

11:26 am on 30 January 2012

Financier George Soros has warned that Europe is likely to face a "lost decade" similar to what happened to Latin America in the 1980s.

He told the BBC from the World Economic Forum in Davos that an extended period of stagnation combined with the German "insistence on austerity" could destroy the European Union.

Mr Soros called on Germany to find ways to stimulate the European economy.

He earlier criticised the EU for not doing enough to protect other economies in Europe from a likely Greek default.