Soros: Greek default is 'inevitable'

Billionaire investor George Soros has warned a Greek default is “inevitable”, and EU leaders must adopt a plan B to stem contagion to the rest of Europe, reports InvestmentWeek.

Writing in the Financial Times, the founder of the Quantum hedge fund said the authorities should implement the wider use of Eurobonds as a way of protecting other countries in the eurozone.

"Greece is heading towards disorderly default and/or devaluation ... A Greek default may be inevitable but it need not be disorderly," he wrote in an editorial for the paper.

"While some contagion ... will be unavoidable, the rest of the eurozone needs to be ringfenced. That means strengthening the eurozone, probably by wider use of Eurobonds and a eurozone deposit insurance scheme," he said.

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http://www.investmentweek.co.uk/investment-week/news/2093035/soros-warns-greek-default-inevitable