George Soros Warns EU Collapse ‘Practically Irreversible’ After Brexit Vote

The United Kingdom’s decision to vote for Brexit makes the break-up of the European Union “practically irreversible,” according to billionaire investor George Soros.

Soros argues the EU’s failure to mitigate the migrant crisis as well as lingering economic problems created a “catastrophic scenario” for the union and could result in shockwaves affecting the entire world economy. “The consequences for the real economy [from Brexit] will be comparable only to the financial crisis of 2007-2008,” Soros wrote Saturday in Project Syndicate.

“Tensions among member states have reached a breaking point, not only over refugees, but also as a result of exceptional strains between creditor and debtor countries within the euro zone,” he added.

Given the Scottish National Party’s threat to hold a second independence referendum, the integrity of the U.K. could also be at risk and “may not survive” the fallout of the Brexit vote, according to Soros. (RELATED: Art Laffer: The Brexit ‘Will Lead To A Donald Trump Presidency’)

Despite the massive setback, Soros urges EU member states and leaders not to give up on the project of a united Europe. “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. I am convinced that as the consequences of Brexit unfold in the weeks and months ahead, more and more people will join us.” (RELATED: Here Are The Most Absurd Liberal Reactions To Brexit)

In the wake of Brexit, Euroskeptic parties across Europe are demanding their own referendums on EU membership. France’s Marine Le Pen and Geert Wilders of the Netherlands are leading the charge against further EU integration.

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