Few people have thought more deeply about the problems assailing the world's stock markets than George Soros, and this week he produced a recipe for their salvation which bears an uncanny similarity with the rescue plan unveiled by the UK government today.

Soros argues that each US bank should work out how much capital they need to meet statutory requirements. He said they should decide whether they can raise the necessary money themselves, or apply to the US Government's $700bn (€515.3bn) Troubled Asset Relief Programme for state support. The US Fed could go on to guarantee inter-bank borrowings by banks eligible for recapitalisation.