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. Last Updated: 07/27/2016

Soros Gloomy

LONDON -- International financier George Soros said Wednesday a global economic recession was still possible despite the recent recovery in world financial markets.

In testimony to a British parliamentary committee, Soros said a worldwide recession could still occur if economic growth slowed sharply in Europe and the United States before there was a recovery in emerging markets, particularly Asia.

Soros also said the success of the European single currency relied upon tax harmonization among countries.