Soros warns that the European Union is in mortal danger of collapse

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Syrian refugees  walk  the rail as they cross from from Serbia to Hungary
Syrian refugees walk the rail as they cross from from Serbia to Hungary

Billionaire financier George Soros has warned that the European Union is in mortal danger of collapse if it doesn’t agree a massive cash injection to fix the refugee crisis.

In an essay written for the New York Review of Books, Soros also claimed that a humanitarian catastrophe is unfolding in Greece.

“The asylum seekers are desperate. Legitimate refugees must be offered a reasonable chance to reach their destinations in Europe,” the investor wrote in the publication.

“EU leaders need to embrace the idea that effectively addressing the crisis will require “surge” funding, rather than scraping together insufficient funds year after year. Spending a large amount at the outset would allow the EU to respond more effectively to some of the most dangerous consequences of the refugee crisis.”

Pushed by civil war and terror and pulled by the promise of a better life, more than a million migrants and refugees fled the Middle East and Africa in 2015 and crossed into Europe.

Now a deal is in place so anyone arriving illegally in Greece will be returned to Turkey if their asylum application is rejected.

In exchange for every person sent back, the EU will resettle one Syrian refugee currently trapped in Turkish camps.

In his essay, Soros said the number of refugees Europe can absorb each year should be between 300,000 and 500,000.

He wrote this sweet-spot number can be accommodated by European countries but will also assure those genuinely seeking asylum that they won’t be turned away.

And the financier estimated at least $34 billion (€30 billion) a year will be needed for the EU to carry his plan.

“Thirty billion might sound like an enormous sum, but it is not when viewed in proper perspective. First, we must recognize that a failure to provide the necessary funds would cost the EU even more. There is a real threat that the refugee crisis could cause the collapse of Europe’s Schengen system of open internal borders among twenty-six European states,” he said.

For ongoing funding, Soros suggested the European Commission’s Multiannual Financial Framework, Europe’s long term spending plan, should be amended to increase VAT contributions.

But he argued a separate ‘surge’ funding is needed more urgently to stem the unfolding crisis and claimed existing mechanisms are in place.

Soros said the European Financial Stabilization Mechanism (EFSF) and the Balance of Payments Assistance Facility currently contain $68 billion (€60 billion) of unused funding that Europe should disperse.

The billionaire said these vehicles can be used to leverage Europe’s easy credit terms.

“Throughout history, governments have issued bonds in response to national emergencies. That is the case in Europe today. When should the triple-A credit of the EU be mobilized if not at a moment when the European Union is in mortal danger?” Soros said.

 

CNBC

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11 responses to “Soros warns that the European Union is in mortal danger of collapse”

  1. It will be interesting if George Soros warning is taken seriously by the member states.

    1. 5thDrawer Avatar
      5thDrawer

      It will be more interesting if they send condoms to the countries this herd comes from. Obviously needed. Otherwise it becomes the ‘Way to Emmigrate Illegally’ forever, or until the food runs out….

      1. The we will have to ask them if they will send condoms to the countries this herd comes to.

      2. The we will have to ask them if they will send condoms to the countries this herd comes to.

        1. 5thDrawer Avatar
          5thDrawer

          That whole country has become more weird … and the ‘TRADE-UP A REFUGEE’ bit they are now doing seems even more weird.

          1. Today it’s all about wealth (money), the stream of war refugees have been accompanied with huge exodus consisting of pure economic migrants from Africa and the ME.

            “Fraud with asylum services – Doubles reported – twice conceded”. [spiegel.de]
            https://youtu.be/XVoZ8S7DQys

    2. MekensehParty Avatar
      MekensehParty

      I don’t think he’s right about the refugee crisis and Europe spending billions to integrate them (which they’ll do badly creating more problems), Europe should have been prepared for Russia’s resurgence as a bellicose neighbor, instead they spent the best 10-15 years since the fall of the USSR flirting with Putin and accepting his strong return into European affairs, all the while distancing themselves and criticizing a more realistic approach from the US who knew all along that Russia can pose a threat to world peace and stability again.
      If the European had been tougher all these years, Putin wouldn’t have dared taking Crimea and screwing Ukraine, and he wouldn’t be supporting Assad that much, and the refugees crisis would not have been that severe.
      All suppositions of course…
      I just think Europe failed miserably at trying to position itself as a 2nd or 3rd world power, it should have stuck to its role of being the colonel of the US general, no shame in that…

      1. 5thDrawer Avatar
        5thDrawer

        Considering that ‘Islamist’ elements state baldly that they have no concept of ‘Integration’, and work against it in their own ghettos, Europe must have had a real hearing problem.

      2. The European Union is complaining about the chaos in the ME without realizing that Putin sneaks into the EU his fifth column.

        The only members of EU that are aware of this fifth column, are the former east european countries which freed themselves from the governance of the Soviet Union / Russia.

        Then we hear about Putin’s new National Guard (more than 180,000 interior ministry troops plus special police units) – what does it say when you need your own personal army?

        Chilling facts and resemblance are Putin’s tiny army.
        Russian child soldiers trained in battle tactics, weapons and hand-to-hand combat to ‘repel any enemy of the Motherland’.
        Did Russia adopted it from Hamas or Hamas adopted it from russia….

        Old enough to hold a gun….

  2. 5thDrawer Avatar
    5thDrawer

    Actually, if they sent them all packing, especially back to North Africa, it wouldn’t be mortality of the EU.
    There was a time in history when those sorts of things were considered.
    But mortality of the EU doesn’t mean mortality of the individual countries anyway. Just that everyone will have to put up the border fences and hire a bunch of guards … could be good for some folks to have a job.

  3. MekensehParty Avatar
    MekensehParty

    If the Europeans had any balls they wouldn’t have gotten into this.
    This softness, dependability and “free riding” has a cost
    Time to pay the bill

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