Image via WikipediaGreece is heading for default, or at least a devaluation, and European Union (EU) leaders have to adopt a "plan B" to stem contagion to the rest of the bloc, billionaire investor George Soros said today. "Greece is heading towards disorderly default and/or devaluation ... A Greek default may be inevitable but it need not be disorderly," he wrote in an editorial for the Financial Times. "While some contagion ... will be unavoidable, the rest of the euro zone needs to be ring-fenced. That means strengthening the euro zone, probably by wider use of Eurobonds and a euro zone deposit insurance scheme," he said.
