Billionaire investor George Soros said a collapse of the euro may spark a global financial crisis in a “new Great Depression,” L’Hebdo magazine reported, citing an interview.

“It seems to me that one still doesn’t understand what would happen if the euro collapsed,” Soros told the Swiss magazine in an e-mailed pre-release of tomorrow’s edition. “It would lead to a banking crisis that would be totally out of control.”

He also said Europe’s future hinges on Germany, which should “dictate its solution” to the region.