'Act two' of crisis begins: Soros

Billionaire investor George Soros says ''we have just entered Act II'' of the crisis as Europe’s fiscal woes worsen and governments are pressured to curb budget deficits that may push the global economy back into recession.

''The collapse of the financial system as we know it is real, and the crisis is far from over,'' Mr Soros said at a conference in Vienna. ''Indeed, we have just entered Act II of the drama.''

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