George Soros: Refugee Crisis Could Collapse EU

The European Union has been facing challenges that include heightened attacks from the terror group ISIS, the United Kingdom wanting to terminate its membership to the Union on, the Greek debt crisis, resurgent Russia and the influx of migrants and refugees. But the refugees’ crisis seems to be the biggest and the main one threatening to collapse the European Union.

In an article by CNBN, billionaire investor George Soros said that if the EU does not invest in fixing the crisis, then it is in danger of collapsing. He said that these refugees are desperate and are only seeking for asylum. They must, therefore, be enabled to reach safe destinations.

George Soros advises the EU leaders to embrace and also adequately address the crisis by immediate funding. He says that the EU spending significant amount would allow it to respond effectively to the worst consequences of this migration crisis. According to George Soros, Europe can take in between 300000 and 500000 refugees every year. If Europe agrees to take in this numbers, the genuine asylum seekers will be assured of not being turned away. To carry out this plan the EU will need at least $34 billion a year.

Though $34 billion is an enormous amount of money on, the EU should not hold back spending the amount but look at it in the best interest perspective. If the funds are not provided, and the refugee crisis is not settled at all, then this could end up costing the EU even more. The crisis could lead to collapse of Schengen open internal borders system among twenty-six states of the Union.

In the article George Soros continues to give the EU leaders suggestions on how they can raise this required money. George Soros says that the Europe’s long-term plan on spending should be amended and should target an increase in VAT contributions. But this does not mean that a separate and urgent surge funding is not needed anymore. It is the best way to calm the crisis at the moment.

Soros says that both the Balance of Payments Assistance Facility and EFSF (European Financial Stabilization Mechanism) have unused funding amounting to $68 billion and should be dispersed to curb the refugees crisis. Bonds that the government always issues in response to national emergencies should be issued now, and a mobilization of the EUs triple-A credit should be mobilized.

The Hungarian-born George Soros is an American businessman, political activist, investor, and author. He holds dual citizenship; the United States and Hungary. Soros is the chairman of Soros Fund Management and one of the 30 richest people in the world. He is very involved in philanthropic activities and donates a lot of his money to this kind of activities. He started in the 1970s, by giving funds to help black South Africans join University and also supported movements against apartheid.

Soros endorses the political causes of American Progressive and also the American Liberal. He is also very vocal about the challenges facing the European Union, and he does not shy away from suggesting the best solutions to the problems. He constantly reminds the Union leaders that they are responsible for stabilizing the European Union.

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