Soros sees need for new global financial system

US investor and billionaire George Soros Wednesday said the global financial system is dysfunctional and many banks around the globe need more capital, putting a ballpark figure as high as $1.5 trillion (€1.1bn).

Soros, speaking at an event at the World Economic Forum in Davos, said he likes the currently discussed good bank/bad bank model which should help restore the financial system.

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