EU should prepare for default, Soros warns

GREECE may be unable to avoid defaulting on its sovereign debts and Europe should prepare for that event to ease reaction in financial markets, billionaire investor George Soros said.

“Greece needs to do everything it can to avoid default, but it may not be able to,” Soros said on a panel at the IMF and World Bank meetings in Washington.

“It’s very important from a point of view of reassuring the markets that the prospect, the possibility of a default be prepared for, that the arrangements are made to protect the banking system,” he said.