“As we wrote about last night, investor George Soros is out with a new proposal on how to fix the Eurozone crisis.
The basic idea is: A new “debt redemption fund” would be launched, which would have the ability to buy up sovereign debt funding itself via ECB backed Treasuries with the safest risk weighting. In exchange for countries being able to fund itself via that fund, they would have to agree to various structural reforms. Any failure to deliver on reforms would get a penalty, but not a fatal one. Eventually after all the reforms were made, a more complete fiscal union/Eurobonds scheme could be enacted.
Today he’s done a big interview with Bloomberg TV promoting the idea.”
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