Billionaire financier George Soros is ready to invest $1 billion in Ukraine, if Western countries help private investment there.

He also put the odds of Greece leaving the euro at a third, in an interview with Austrian newspaper Der Standard.

"Ukraine is defending the EU from Russian aggression" and helping its development will weaken Russian President Vladimir Putin, the Hungarian-born philanthropist said.

Ukraine is at the edge of bankruptcy hit by the triple whammy of the war in its industrial east, a deep economic recession and the record devaluation of its currency. Its public debt likely to reach 94 percent of its GDP in 2015.

"The West can help Ukraine by making it more attractive to investors by giving them insurance against political risk," he said. "That could take the form of financing very close to the European interest rates, which are very close to zero."

Ukrainian investment analysts ICU only predict a return to growth in 2017, and a sharp drop in GDP of 7.6 percent this year.

Soros has previously urged the West to step up aid to Ukraine, outlining steps towards a $50 billion financing package that he said should be viewed as a bulwark against an increasingly aggressive Russia.

"I stand ready. There are concrete investment ideas, for example in agriculture and infrastructure projects. I would put in $1 billion. This must generate a profit. My foundation would benefit from this ... Private engagement needs strong political leadership."

Michael Vachon, spokesman for Soros, said on Monday in a statement: "Soros said he would consider investments in Ukraine if Western leaders demonstrated that they were prepared to 'do whatever it takes' to save Ukraine, including providing adequate budgetary support and political risk insurance.

"Under those conditions, Soros said he would review investments in the energy, agriculture and information technology sectors."

The hedge fund magnate, who made his name betting against the pound in 1992, also put the chance of Greece leaving the eurozone at a third. Last week he put it at 50:50.