Billionaire hedge fund manager George Soros, known as the man who “broke the Bank of England” for his 1992 short bet against the British Pound, gave a speech to the European Union Parliament in Brussels on Thursday following the United Kingdom’s decision to exit the EU.

Ahead of the vote last week, Soros had warned that if the British left the UK it would have effects on the British pound more disruptive than “Black Wednesday.”

The Brexit may now be a “greater calamity” than the refugee crisis, he told the EU Parliament. He added that the UK’s shocking decision has “unleashed a crisis in the financial markets comparable in severity only to that of 2007/8.”

He continued: “This has been unfolding in slow motion, but Brexit has accelerated it. It is likely to reinforce the deflationary trends that were already prevalent.”

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