George Soros: Germany's Failure to Exit Eurozone 'Fulfilled My Worst Expectations'

Germany's departure from the 18-nation group probably would have sent the euro reeling, allowing remaining eurozone members to boost their economies through exports, Soros said at an event in London Wednesday, CNBC.com reports.

Germany's decision to stay in the eurozone "has fulfilled my worst expectations," Soros said. Now the region has little chance to recover and likely confronts an extended period of economic woe.

"[This is] endangering the European Union from what it is meant to be, namely a voluntary association," he said. "[It has changed into] something that is radically different, into a creditor debtor relationship."

Right now creditors hold the power, particularly Germany, Soros said. He said Europe has faced "a crisis of ignorance," as neither governments nor markets understood the problems well.