Billionaire George Soros says the worst of the global financial crisis is over. The 78-year-old American has been a big commentator on the developments leading up to the global financial crisis, already back in November 2007, when he issued a warning about the credit crunch as well as in January 2008.

The billionaire toned down his doom and gloom in May when he said “The economic freefall has been stopped, the collapse of the financial system averted. National economic stimulus programmes are starting to take effect… The downward dynamic is easing.”

Soros told Reuters Sunday that “This is not like previous crises but marks the end of an era. The system to date had been based on the false assumption that markets can independently regain their equilibrium and that the system is self-correcting,” he explained.

The optimistic declaration comes as the World Bank warns that the outlook for the global economy remains “unusually uncertain”.

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