He added that as a result the European Union (EU) now has two-tiers - or two classes - of members. "Currently the power is in the hands of the creditors," he said with Germany's government holding most of that power.
A crisis of ignorance
Soros viewed the euro zone crisis as "a crisis of ignorance" - a very complicated situation which neither markets nor government authorities had fully understood.
There was some optimism on the Union though. Soros said a new public debate was now beginning. "The understanding of the issues is now catching up with reality...it gives me hope," he said.
Following the global financial crash of 2008, a sovereign debt crisis raged across the continent in 2011 with bailouts needed for several euro zone nations. Austerity followed with tough fiscal tightening required of some of the more indebted countries. Despite opposition and a rise in fringe politics, the underlying fundamental data in many euro zone countries have improved. These flickering signs of growth have helped the bloc manage to exit a prolonged recession. Meanwhile, the euro has strengthened significantly - since the middle of 2012, it has risen around 13 percent against the dollar.