Europe Banking System Needs to Be Bolstered, Soros Tells De Tijd

The European Union’s banking system needs to be bolstered to protect it from a potential bankruptcy of a European nation, billionaire investor George Soros said in an interview with De Tijd.

“Together with an expansion of the European bailout fund, the banking system should be protected in the short term against a bankruptcy of a European country,” the newspaper quoted Soros as saying. “The banking system must effectively come under the guardianship of the European Central Bank. They must take care that banks don’t drastically begin to cut their bond portfolios,” Soros told De Tijd.