Billionaire investor Mr George Soros said that Europe's debt crisis is more dangerous than the 2008 global financial crisis.

He added that "We now have a crisis, which in my opinion is even more serious than the crash of 2008. You had the institutions that were necessary to control the situation in 2008, a functioning central bank, the Federal Reserve system and a functioning treasury. In the case of the euro, you have a European Central Bank but you don't have a European treasury. That institution is missing."

Mr Soros, who made investment history by earning USD 1 billion with a bet against the British pound two decades ago, said last week that a collapse of the euro and break up of the European Union would have catastrophic consequences for the global financial system.

He was speaking as French President Mr Nicolas Sarkozy and German Chancellor Ms Angela Merkel prepared to meet to discuss ways to boost growth and improve fiscal coordination in the euro zone.

(Sourced from www.economictimes.indiatimes.com)