EU Faces Mortal Danger, Says Soros

George Soros, the opinionated billionaire philanthropist, has voiced his opinion again, this time on the state of the European Union as the refugee crisis from the Middle East increases in size. Though its political leaders have attempted to address the crisis in their own way, Soros sees a lot wrong with the EU and offers up solutions to help them avert an oncoming disaster.

In an essay he wrote for the New York Review of Books, Soros pulled attention towards Greece where many of the refugees have flocked to once running from the Middle East. This is where many of Europe’s problems are centralized. George Soros points out that the EU does have a responsibility to consider the legitimacy of asylum seekers coming to Europe. In order for the EU’s member nations to fulfill this humanitarian obligation they must increase the spending they’ve dedicated to addressing the refugee crisis that has slowly affected all member nations.

Conflicts in the Middle East and Africa have been instrumental in pushing people away from their home countries in search of safer countries to take them in. Germany has been instrumental in dealing with wealthier nations in the region like Turkey in order to manage the number of refugees coming over to Europe. While the EU will consider the asylum requests on from legitimate applicants, those who do not qualify will be sent back to Turkey. In there place, Syrian refugees will be transferred to the EU where their cases will be considered.

With an estimated 300,000 to 500,000 refugees coming to Europe each year, the EU will have a more manageable population that they would be expected to house without being overwhelmed by the millions who have made their way there since it all began. In order to fulfill this function, the EU would need an approximate budget of $34 billion to be collected annually.

This sum may seem exorbitant, and Soros agrees, but the money necessary to manage the refugee crisis would be far less costly than what the EU would have to spend should their collective economies fall victim to the pressure of refugees tax their ability to manage them. To gather the money needed, George Soros drew attention to the European Commission’s Multinational Financial Framework, the EU’s annual budget, in order to make room for the necessary funds.

In the meantime, Soros says that money can be made available through the Balance of Payments Assistance Facility and the European Financial Stabilization Mechanism. Both institutions hold $68 billion on in untouched funds that can be dispersed to the 26 member nations that need to utilize these funds to keep the EU from a lower credit rating or enduring another financial recession.

George Soros fled his home in Hungary in 1947 to search for a free life in the United States. There George Soros worked in the world of finance, heading investments that made him one of the wealthiest men in the country.

Aside from his career in finance, Soros has been an active philanthropist. Since 1974, through the Open Society Foundations, Soros has fought for human rights and transparent governments in over 100 countries.