US stock market speculator George Soros has published a new article on Project Syndicate, the portal known as his mouthpiece, to express his moral indignation regarding Thursday s agreement at the EU summit.

In an article published on the Project Syndicate portal, George Soros writes that the European Union is facing an existential threat, and yet the EU s leadership is responding with a compromise that appears to reflect a belief that the threat can simply be wished away.

Soros mentions Hungarian Prime Minister Viktor Orban and the Polish Law and Justice party. He writes that they are brazenly challenging the values on which the European Union was built. According to Soros, treating their challenge as a legitimate political stance deserving of recognition and a compromise solution will only add to the risks that the EU now faces.

Soros writes that he recognises and understands the enormous pressure under which German Chancellor Angela Merkel has been labouring. He believes Ms Merkel has become something of the sole main decision-maker for the EU. Soros also understands why the German chancellor does not want another country, Hungary, to announce its intention to leave the EU on her watch, which is what – according to Soros – Orban was planning to do in the past few days.

The 90-year-old billionaire may not have paid enough heed to the events. Zoltan Kovacs, Hungary s state secretary for international communication, told the Austrian daily Kurier in a recent interview that no one in the Hungarian government ever thought of leaving the EU.

According to Soros, threatening to torpedo the EU s finances by vetoing its budget was a desperate gamble on Orban s part. Ms Merkel, however, has brokered a compromise. Unifortunatlely, the widely leaked text of the proposed compromise, to be embedded in the concluding statement of this week s European Council meeting, has three fundamental flaws, he writes.

„All I can do is to express the moral outrage that people who believed in the EU as the protector of European and universal values must feel,” Soros writes, concluding his article.