Soros: My new plan to solve the eurozone crisis

World renowned financier George Soros has outlined a fresh proposal for tackling the eurozone crisis, involving short-term loans for Italy and Spain.

Speaking to Bloomberg Television at the World Economic Forum in Davos this week, Soros suggested allowing Italy and Spain to access short-term borrowing at 1%, to avoid a restructure of the troubled economies' debt. "If Greece were to default at the end of March or April, that would be a very severe test for the global financial markets because not enough has been done to isolate the rest of the eurozone from Greece," he said. " You could actually arrange for Italy and Spain to borrow short term. Short term only, but at 1%," he said. Soros said Italy in particular is on a difficult co...