Mr Soros, who spoke out as European finance ministers met today to discuss the crisis, said the officials were "basically buying time" rather than tackling the problems. He added: "This is the normal thing for authorities to do. In this case, I'm afraid they are making a mistake."
Credit markets were thrown into fresh turmoil as Greek debt became the lowest rated in the world following a savage downgrade by Standard & Poor's on Monday.
The yield on 10-year Greek government bonds spiked to a record high of more than 17pc as investors demanded a higher return to cover the risks of holding the debt.
Greek debt is now the lowest rated in the world – below Ecuador and Grenada – with many investors now expecting an uncontrolled default.
The emergency meeting of eurozone finance ministers was called by Jean-Claude Juncker, chairman of the group, and comes ahead of a summit in Brussels next week. The group has set a deadline of June 20 to agree a new aid package for Greece, the country's second in 14 months. Read on and comment » | Louise Armitstead | Tuesday, June 14, 2011
