George Soros proposes his temporary solution for the euro, until the EU goes for a full fiscal and political union. Of course he uses the dramatic line that the EU has only 3 days before the sky falls in and the whole world will end or words to that affect. He also sees Greece must exit the euro, but then again we all knew that.

What you need is a European fiscal authority that will be composed of the finance ministers but would be in charge of the various rescue mechanisms, the European Stability Mechanism, and the one that preceded it and it would be empowered to issue treasury bills, to set up a debt reduction fund and actually buy up the excess stock of that that has accumulated in the hands of particularly Italy and Spain and finally combine issuing treasury bills. Those treasury bills would yield 1% or less and that would be the relief that those countries need in order to finance their debt.”

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