George Soros: Financial markets push the world into a Great Depression. Politicians have lost control of the economic crisis

George Soros tries to bring up clues for politicians to avoid a global economic crisis

The politicians have lost control of the economic crisis and financial markets drive the world into depression, said on Friday, billionaire George Soros. Soros adviced Europe to set up a common treasury, to recapitalize banks and protect vulnerable banks.

The most important step that Europe can do to avoid a global depression is “raising of a protection against possible bankruptcy of contagion Greece,” said Soros.

“As a European treaty for the establishment of a joint Treasury would require too much time, during this period the Member States should ask the European Central Bank (ECB) to fill this vacuum. Both banks and liabilities of some countries such as Spain and Italy must be protected. To reduce pressure on government tasks of countries such as Italy, the ECB should lower the discount rate,” wrote billionaire in an article for the Financial Times newspaper.

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“Neither the ECB nor the European Financial Stability Facility would buy bonds on financial markets,” he added.

The stability facility should be used to recapitalize and guarantee the banks, which would maintain credit flows under the guidance and monitoring of the ECB.

“These measures would allow Greece to enter the default without causing a global collapse. This would mean that Greece would be forced into bankruptcy. How would Greece manage such a scenario? That depends on the Greeks,” said Soros.

The plan could be implemented only with public support, as governments and banks most likely would oppose, concluded the billionaire.