Soros on Brexit - British voters "grossly underestimating" true costs of Brexit

21 June 2016, 05:06
Sherif Hasan

Legendary trader George Soros writing in an op-ed for the Guardian newspaper

  • British voters "grossly underestimating" true costs of Brexit
  • Says value of pound would "decline precipitously" in the event of a Brexit
  • Sterling almost certain to "fall steeply and quickly" if Britain votes to leave EU in Thursday's referendum
  • Sterling fall after Brexit could be "bigger and also more disruptive" than 1992 'black Wednesday'
  • Sterling could fall more than 20 percent from current levels of $1.46 in the event of Brexit to below $1.15
  • Sterling devaluation after Brexit would compare to the 1967 devalution, points to large UK current account deficit
  • Says speculative forces in markets would be eager to exploit miscalculations by British govt or British voters
  • Brexit would have immediate and dramatic effect on financial markets, investment, prices and jobs

Reuters with the summary of Soros' piece

Full Article is here: 'Brexit would trigger sterling fall worse than Black Wednesday'

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