George Soros predicts second Great Depression

The global financial markets are facing a second Great Depression because
governments, particularly in Europe, have lost control over the
situation, an article written by American billionaire financier George
Soros, which appeared yesterday in the Financial Times, reports.

According to Soros, governments need to take drastic steps for the salvation
of the world economy. Firstly, the governments of the Eurozone countries should
create a single Ministry of Finance. Secondly, the European Central Bank
should take the control and direction over the major banks in the region.
Thirdly, the ECB should enable some countries, like Italy and Spain, to
carry out refinancing at low rates.

According to Soros, these steps will help to calm the markets and give time
to develop a European strategy for growth needed to address the debt
problems of the region.

In addition, Soros stressed a particularly important and urgent task for
Europe to minimize the effect of a possible default of Greece.

George Soros has repeatedly spoken out to criticize the European
authorities, who, in his opinion, are not decisive enough in their actions
to save Europe.