The rapid growth of the dollar and the outflow of capital from emerging markets could lead to yet another major financial crisis. This opinion was expressed by the billionaire and philanthropist George Soros, writes LIGA referring to Bloomberg.

"The break-up of the nuclear deal with Iran and the destruction of the trans-Atlantic alliance between the EU and the US will inevitably have a negative impact on the European economy and will cause devaluation of national currencies in emerging markets," warns Soros..

The publication notes that now the yield of bonds in the eurozone jumped to multi-year highs, and large developing countries, including Turkey and Argentina, are struggling to curb the effects of inflation.

According to Soros, everything that could go wrong in Europe went wrong. The migration crisis and the austerity policy led to populist power and caused disintegration, an example of which is Brexit.

"Europe is threatened by an existential danger, and this is not a figure of speech, but a harsh reality," he stresses..

To address some of the EU problems, the billionaire is proposing an EU-funded Marshall Plan for Africa, worth about € 30 billion ($ 35 billion) per year, which will ease migration pressure on this continent. He also proposed a radical transformation of the EU, including the rejection of an article that forces member states to join the eurozone.