It’s 2008 all over AGAIN: George Soros warns China will spark global financial MELTDOWN
CHINA’s financial crisis which has sparked a global stock market crash is set to rival the economic meltdown of 2008, according to George Soros.
By LANA CLEMENTS
Express.co.uk
Thu, Jan 7, 2016
Frenzied share selling continued across the world today, sparked by fears over China’s slowdown.
The respected billionaire investor warned the global economy is to slip into meltdown amid China’s struggle to maintain mammoth growth.
The American financier told an economic forum that today’s problems reminds him of the “crisis we had in 2008”, which triggered years of depressions and job losses among the world’s developed countries.
He added: “China has a major adjustment problem, I would say it amounts to a crisis.”
Mr Soros also said the developed world would struggle to return to rising interest rates.
China’s stock market automatically closed for the second time this week, after values tumbled by seven per cent.
The falls led to further panic in global markets.
Britain’s FTSE 100 plummeted by around 2.6 per cent at the open this morning, equating to a loss of around £40billion.
Oil and commodity companies, which are particularly exposed to China’s slowdown, fared worst.
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