• The Hungarian and Polish governments have vetoed the EU's actual plan to deal with the economic crisis.
  • The standoff has no clear end in sight and it questions the future of the EU, where many important decisions need to be taken by consensus.
George Soros

LONDON — George Soros has changed his mind about how the European Union should finance the costs of the coronavirus pandemic, warning that investors have now lost faith that the political bloc will survive.

The billionaire investor had previously said the EU should issue "perpetual bonds" — meaning the principal amount of the money borrowed would never be repaid, only the annual interest payments. It assumes the EU would last forever and therefore keep paying the interest back to the lender. Perpetual bonds are also designed to allow the region to fund projects at low costs.