UPDATE 1-Soros says pound fall after Brexit would be bigger, more disruptive than 'Black Wednesday'

martes 21 de junio de 2016 03:36 GYT
 

* Soros: pound could fall to below $1.15 from $1.46 after Brexit

* Brexit would lead to sterling to "decline precipitously"

* Soros says Brexit fall would be like 1967 devaluation

* Soros says speculators ready to profit on vote for Brexit (Adds comment from Vote Leave, changes dateline)

By Guy Faulconbridge

LONDON, June 21 (Reuters) - George Soros, the billionaire who earned fame by betting against the pound in 1992, said that a British vote on Thursday to leave the European Union would trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday.

Soros used Quantum Fund in 1992 to bet successfully that sterling was overvalued against the Deutsche Mark, forcing then-Prime Minister John Major to pull the pound out of the European Exchange Rate Mechanism (ERM).

Soros, in an opinion piece in the Guardian newspaper, said that in the event of a British exit, or Brexit, the pound would fall by at least 15 percent, and possibly more than 20 percent, to below $1.15 from its current level of around $1.46.

"The value of the pound would decline precipitously. It would also have an immediate and dramatic impact on financial markets, investment, prices and jobs," Soros, who is 85, said in the Guardian.   Continuación...