George Soros warns of 'lost decade' for European Union

Financier George Soros has warned that Europe is likely to face a "lost decade" similar to what happened to Latin America in the 1980s.

Speaking from the World Economic Forum in Davos he told BBC Economic Editor Stephanie Flanders, that an extended period of stagnation combined with the German "insistence on austerity" could destroy the European Union.

He called on Germany to find ways to stimulate the European economy.

Soros had earlier criticised the European authorities for not doing enough to protect other economies in Europe from a likely Greek default.