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The European Union is Crumbling warns George Soros

George Soros is Europe’s most successful billionaires and business icon. Born in Budapest Hungary in August 1930, Soros attended the London school of economics. He obtained a bachelor’s degree in economics and a master of science in the same field. Also, he holds a BSc. and Masters in philosophy in the same institution. George Soros holds dual citizenship for both Hungary and the United States.

He started his business career in the United States, where he rose to be the world’s notable economists. Also, George Soros’ prowess in investments, and writing of various books and articles on economics, politics and business earned him profound respect in the global economic platform. He is founder and chair of Soros Fund Management and Open Society Foundation. Additionally, Soros is a notable philanthropist; he established the Central European University. Furthermore, he financed the education of black students in South Africa during the apartheid regime.

European Economic Situation and the Refugee Crisis

George Soros’s vast experiences in economic and political issues are undoubtedly recognized globally. Consequently, he has addressed various forums and conferences on http://www.biography.com/people/george-soros-20926527 on socio-political and economic problems. Additionally, he provides solutions to some critical economic issues that help in sustaining world top economies including China and the United States. Furthermore, George Soros is seen as an economic prophet as he previously predicted various economic trends that came to pass.

In an interview with the CNBC, the top economist and investor warned of a crisis in the European Union that might lead to its collapse. George Soros stated that the European Union has to move fast and inject a significant amount of money to solve the refugee problem. Also, in an essay in The New York Times, Soros warned of unfolding humanitarian crisis in Greece

To adequately address the problem, European leaders need sufficient funding. Spending large sums of money at the outset would allow them to respond more efficiently to the refugee crisis. Civil wars and terror groups on http://www.nytimes.com/topic/person/george-soros have pushed over a million immigrants from Africa and the Middle East to Europe in 2015. Refugees are driven by hope for a better life, peace and economic restoration in Europe.

Currently, a deal has been struck that will see people coming into Greece illegally being sent back to Turkey. It is when their asylum request is rejected. Also, for every person sent back to Turkey, the European Union will have to take in one refugee from Syria currently in Turkish camps. Soros estimated the number of refugees that Europe can accommodate annually is up to 500,000. However, European countries should ensure that those genuinely seeking asylums would not be turned away.

For efficient operation on the crisis, the European Union requires an estimated £ 30 billion a year. Failure to fix the problem will cost the Union even more. It would be for example cause the collapse of the Schengen system on open internal borders among 26 European countries. To achieve the funding, Soros called for an amendment of Europe’s Multi annual Financial Framework and long-term financial plan to increase VAT contributions.