Wednesday, December 15, 2010

PoliticsEurope: Soros advice: Save banks before govts -- R u saying, Save the bank of Greece, let the Greek govt collapse, huh?

Financial Times email newsletter [Dec14,2k10]

Breaking News
George Soros:
Europe should rescue banks before states

BanksB4Govts -- a Soros Doctrine

The architects of the euro knew that it was incomplete when they designed it. The currency had a common central bank but no common treasury – unavoidable given that the Maastricht treaty was meant to bring about monetary union without political union. The authorities were confident, however, that if and when the euro ran into a crisis they would be able to overcome it. After all, that is how the European Union was created, taking one step at a time, knowing full well that additional steps would be required.

With hindsight, however, one can identify other deficiencies in the euro of which its architects were unaware. A currency supposed to bring convergence has produced divergences instead. That is because the founders did not realise that imbalances may emerge not only in the public sphere but also in the private sector.

-- EconoMix posting a Soros Doctrine

more info ...
Soros says EU shoud recapitalize banks, lower bailout interest

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