"Now the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible," Soros wrote in a June 25 essay reflecting on the U.K. vote for Project Syndicate. Financial markets "are likely to remain in turmoil as the long, complicated process of political and economic divorce from the EU is negotiated," he said. Sterling plunged 8.1 percent on Friday to its lowest level in more than three decades, and tumbled again on Monday. "Britain eventually may or may not be relatively better off than other countries by leaving the EU, but its economy and people stand to suffer significantly in the short to medium term," Soros wrote in his June 25 essay. "Because of his generally bearish outlook on world markets," Soros did profit from other investments, according to the statement.In the days before the vote that marked a rupture between the U.K. and the EU , Soros had warned that the pound could slump more than 20 percent against the dollar as voters were grossly underestimating the true cost of Brexit.

Source: Economic Times June 27, 2016 10:52 UTC