Soros calls for Euro debt fund as Merkel takes 'wrong direction'

Billionaire investor George Soros has called on Europe to start a fund to buy Italian and Spanish bonds, or risk the demise of the euro.

As European leaders meet again this week at a key summit on the eurozone, Soros said in an interview with Bloomberg that policymakers should create a European Fiscal Authority to purchase sovereign debt in return for Italy and Spain implementing achievable budget cuts. Funding for the purchases would come from the sale of European treasuries, which would have low yields because they would be backed by each euro member, he said. Soros warned leaders they risk disaster because Europe is running out of time to show investors it can save the euro. He said: "There is a disagreement on t...