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The sovereign debt crisis facing Europe, which started in Greece, is spreading to many other large economies in the Organization for Economic Cooperation and Development (OECD), according to New York University professor of economics Nouriel Roubini.

The billionaire investor said he believes that Germany’s insistence on an interest rate of 5 percent for the aid package has compromised the rescue because it would water down its impact.

The yuan's peg against the dollar and a bigger say on the international scene may be making all the headlines as the BRIC leaders meet in the Brazilian capital over the next 24 hours. But the big story is the growth in trade and investment between the four economic power houses – and how this is shaping relations between them.

If the euro can't go ahead, it will go backwards, the famous financier said. "It's important to understand that if you don't make the next steps forward for the euro, the euro will go to pieces and the European Union too," Soros added.

The legendary investor who forced the pound out of the Exchange Rate Mechanism in 1992 believes that the rescue package is only "a little step" that may not stop Athens falling into a "debt spiral".

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An aid package for Greece could come as early as this weekend, as the Balkan country is in danger of running out of cash, analysts at UBS wrote in a research note Friday.

I laughed out loud this morning when I read that Greece is going to market itself as an "emerging market" when it tries to sell a multi-billion dollar bond in the U.S. because Europeans won't buy up any more of their desperation.

If EU nations want to sustain a currency union with Germany, they have to implement economic and budgetary changes that bring their performance into alignment with Germany, according to Marc Ostwald, strategist at Monument Securities.

Greece's debt deal could help the struggling euro zone country avoid a "refinancing crisis," but Greece still needs to cut its budget deficit to resolve its long-term problems, economist Nouriel Roubini told CNBC Friday.

The risk of default for Greek debt is priced much higher than that of Eastern European countries like Romania or Turkey. But Greece is rated investment grade while the two Black Sea countries are rated below investment grade.

Greece is likely to formally ask the European Union for financial aid if the cost of borrowing does not fall in coming weeks and, if it doesn't get it, may go to the International Monetary Fund, Greek government officials told Dow Jones Newswires.

The European Monetary Fund isn't even a formal proposal yet but it's already creating controvery among European Union leaders.