Euro zone policymakers have repeatedly followed the wrong policy shifts, creating a situation in Europe "more dangerous" to the global financial system than the collapse of Lehman Brothers in 2008, Soros said.

"It is a more dangerous situation [than Lehman Bros] and I think that the authorities, when push comes to shove, will do whatever it takes to hold the system together, because the alternative is just too terrible to contemplate," he added.

A number of smaller euro zone nationscould default and leave the single currency area, Soros said, but he warned if it happened on an ad hoc basis, there would be considerable risk to the global economy.

"I think that you could have two or three of the small countries default or leave the euro provided it is prepared and done in an orderly way," Soros said.

"If it were to happen unprepared it could actually disrupt the global financial system, but that's why it's important to allow for it to happen and then those countries have a genuine choice it doesn't mean they are being pushed out."

Soros said he believed the so-called 'Troika' of the EU, ECB and IMFwould release the next tranche of aid to heavily indebted Greece, but he stressed the creation of a European bailout fund would determine whether Greece received another bailout in December.