This is a brief recap of articles published in CNBC by George Soros.
Is the European Union in mortal danger of collapse? With the current refugee problem in Europe and an unfolding humanitarian crisis in Greece, Mr. Soros says it is. George Soros a wealthy financier insists that to avoid this, the European Union must agree to a massive cash injection to fix the refugee crisis once and for all. He is quoted saying “Legitimate refugees must be offered a reasonable chance to reach their destinations in Europe” and confirms that the asylum seekers are now desperate.
He states that leaders of the European Union will need to get on board with the idea of surge funding and not continue to just scrape together enough each year through mandatory quotas on http://www.marketwatch.com/story/george-soros-heres-my-plan-to-solve-the-asylum-chaos-2015-09-29 which most are not in agreement with anyway. A large amount of funds will need to be invested in this endeavor to help alleviate the problem.
In 2015 alone over a million migrants and refugees left the Middle East and Africa to Europe in trying to escape civil war and in search of a better life. Unfortunately at this point a deal is in place making it so anyone arriving illegally to Greece will be automatically turned back to Turkey if their application for asylum is turned down.
In an essay Mr. George Soros says Europe should be able to handle from 300,000 to 500,000 refugees a year. By doing this it would not overload Europe with migrants and would give hope to those seeking asylum legitimately. The financier calculates that at least $34 billion dollars or $30 billion Euros a year will be needed to make this plan work.
He urges Europe to understand that even though this seems like a large amount, not doing this will cost the European Union even more and could cause the collapse of the Union of twenty six European states.
George Soros is currently the chairman of Soros Fund management and a leading supporter of democratic beliefs and causes and has been for decades. The Open Society Foundation, which is his, is helping in over 100 countries at this time.
The investor/philanthropist has suggested that EuropeÕs long term spending plan or the European Commission’s Multiannual Financial Framework be amended to increase VAT contributions on http://www.nybooks.com/articles/2016/02/11/europe-verge-collapse-interview/, and this will help with any ongoing funding. But even then surge funding is desperately needed. Mr. George Soros mentioned that the EFSF or European Financial Stabilization Mechanism and the Balance of Payments Assistance Facility have $68 billion USD (60 Billion Euros) of available funding which should be used now for this project.
Bonds have been issued by many countries throughout history to help with national emergencies and that is what Europe is facing today with the migrant and refugee crisis, an emergency. It is time to mobilize the triple-A credit of the European Union right now to fix this situation and save the European Union as we know it, says Billionaire George Soros.