George Soros - A route through the Eurozone minefield

Europe’s banking system needs to be guaranteed first and recapitalised later.  National Banks cannot afford to recapitalise the banks now.

A group of almost 100 prominent Europeans delivered an open letter to the leaders of all 17 Eurozone countries on Wednesday.  The letter said, in so many words, what the leaders of Europe now appear to have understood:  they cannot go on “kicking the can down the road”.  The road has been blocked by the German constitutional court which has found the law establishing the European financial stability fund constitutional, but declared that no further transfers are allowed without Bundestag authorisation. The leaders have also understood that it is not enough to ensure that governments can finance their debt at reasonable interest rates, they must also do something about the banking system ... READ MORE Presented by FT Exclusive 13 October 2011.