Sunday, November 27, 2011

Soros' plan to destroy the euro

Soros: My Plan Could Save Euro

Monday, 21 Nov 2011 02:02 PM
By Forrest Jones
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The European Central Bank (ECB) must pump liquidity into the 17-member financial system to stop a run on bonds and even slap a ceiling on yields to avoid a breakup of the currency zone, says billionaire financier George Soros.

Soros writes in a Financial Times column that policymakers should use the European Financial Stability Facility — an emergency assistance fund — to help the European Central Bank flood the economy with liquidity, a move that would aim to curb skyrocketing yields on sovereign bonds issued by indebted southern European nations.

"The financial markets are testing the ECB and want to find out what it is allowed to do. It is imperative that the ECB should not fail that test. The Central Bank must stop the bond run at all costs because it is endangering the stability of the single currency," Soros says.

Read more: Soros: My Plan Could Save Euro
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