Danger Looms for EU, Says George Soros

As reported by CNBC, billionaire investor George Soros has written an essay for the New York Review of Books where he analyzes the existential crisis facing the European Union as the influx of migrants to their countries from the Middle East and Africa increases. In the essay George Soros points out the failures of the political leadership while also offering up remedies to keep the union healthy and stable as this crisis continues to unfold.

The essay places a great deal of focus on Greece on http://www.nytimes.com/topic/person/george-soros, which has been at the center of the migrant crisis over the last year since many of those fleeing conflict eventually find themselves arriving in that country before journeying forward. Greece, lacking many of even the most basic amenities, has been criticized by many for the handling of migrants kept there as asylum requests are processed. And while George Soros notes that the European Union has an obligation to consider legitimate asylum seekers coming from places of conflict, if they do so in an improper manner it can eventually affect the economic standing of member nations and the solvency of the union as a whole.

Germany, being the economic and political leader of the EU on http://latino.foxnews.com/latino/politics/2016/03/10/billionaire-smackdown-george-soros-funds-effort-to-stop-trump-mobilize-latinos/, has held several talks with the Turkish government in order to better manage the movements of these refugees. Under the agreement, Turkey will take in those who are denied asylum into the European union, and in turn Germany will take in a greater portion of Syrian refugees into the EU, those who are arguably the most affected in the region.

Soros, while noting the effort is a good start, points out that the EU needs to limit the number of refugees into the EU to 300,000 to 500,000, a population that they can actually manage and better house with the existing infrastructure available to them. Doing so will would require an estimated annual budget of $34 billion.

Many would argue that the EU simply doesn’t have the funds on hand to meet the number George Soros is suggesting, but the financial expert points out that this sum is substantially less than what the 26 member nations potentially face should the refugees overwhelm their economies by not coming to their host countries with a means to contribute to the economy.

While adjusting the European Commission’s Multinational Financial Framework will be necessary in the near future to make room in the EU’s budget for the coming year, they can cover the cost in the present by turning to the European Financial Stabilization Mechanism and the Balance of Payments Assistance Facility to get the money from their combined, untouched $68 billion budget. With the money spread over the member nations and their partners in the Middle East, the EU can make the refugee crisis more manageable while a permanent solution is crafted.

After leaving his native Hungary, George Soros built a life in the United States where he worked in finance, eventually becoming one of the most successful investors in the world.

Soros has cemented his work as a philanthropist. Through the Open Society Foundations, Soros has fought on the behalf of victims of human rights abuses since 1974.