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'