Antonia van de Velde
October 12, 2011
Billionaire investor George Soros and 95 prominent politicians, business leaders and academics urged euro zone leaders to take swift action to resolve the crisis plaguing the region, calling for the creation of a euro zone treasury and stressing that the euro can only be saved if all 17 countries that share the currency act in unison.
In an open letter published in the Financial Times on Wednesday, the “concerned Europeans” conceded the euro was “far from perfect”, but added euro zone leaders needed to “fix its faults rather than allowing it to undermine and perhaps destroy the global financial system”.
The euro zone debt crisis has wreaked havoc on the European banking sector, culminating in state-led bailouts for a number of banks which faced liquidity issues.
It has also forced German Chancellor Angela Merkel and French President Nicolas Sarkozy to announce plans to recapitalize Europe’s banks to avoid a full-blown banking crisis.