The euro will survive, according to billionaire investor George Soros, but Europe could find itself turning into “a German empire.” “Germany is likely to do what is necessary to preserve the euro—but nothing more,” Soros said. That preservation would most likely come in the way of cash infusions from itself and other northern countries to struggling countries such as Spain, Italy and Greece, which could leave the southern countries in a prolonged depression, Soros said. “It would be a German empire with the periphery as the hinterland,” Soros said of the EU. For months, Soros has been sounding the alarm with brutal honestly about the crisis in Europe.

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