Soros: Thinking the unthinkable in Europe
Friday 16 September 2011 - by George Soros / Project Syndicate
To resolve a crisis in which the impossible has become possible, it is necessary to think the unthinkable.
At the same time, the European banking system would have to be recapitalised and put under European, as distinct from national, supervision.
Finally, government bonds issued by the eurozone's other deficit countries would have to be protected from contagion. (The last two requirements would apply even if no country defaulted.)
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George Soros is chairman of Soros Fund Management and of the Open Society Institute.
Copyright: Project Syndicate, 2011. www.project-syndicate.org
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