Investment tycoon George Soros on Tuesday said chances of a Grexit are 50-50 and Greece is on the verge of a financial catastrophe.

“Greece is a lose-lose story and the best that could happen is that it could scrape by”, Soros told Bloomberg. “Greece is a long-term problem handled incorrectly by all sides since the start”.

According to Soros, the situation is dire and negotiations between the Tsipras government and institutions that funnel liquidity into the Greek economy could collapse and force the country to abandon the common currency.