George Soros: Three Steps to Avoid a Second Depression
George Soros, Chairman of Soros Fund Management and of the Open Society Institute, believes the country is headed toward a second depression and has provided three steps to avoid it.
“Three bold steps are needed.
First, the governments of the eurozone must agree in principle on a new treaty creating a common treasury for the eurozone.
In the meantime, the major banks must be put under the direction of the European Central Bank in exchange for a temporary guarantee and permanent recapitalization.
Third, the ECB would enable countries such as Italy and Spain temporarily to refinance their debt at a very low cost.”
Comment by Adamantine:
He seems to think the world is headed toward a depression and the cure is in Europe.
Is the cure going to be worse than the disease ?