George Soros, an American-Hungarian billionaire investor and entrepreneur, has always been involved in the liberation of isolated societies and communist communities under authoritarian rule. Today, he runs the Open Society Foundations, a non-profit organization that has donated billions of dollars to various charities across the world. On October 2015, George Soros released an op-ed that concentrated on the political situation in Ukraine and what the European Union could do to help the newly established Ukraine.
According to Soros, the European Union is famed for going through successive crises without actually tackling the underlying issues that cause these crises in the first place. This leaves the EU vulnerable to repeat crises in the future. As at October 2015, the EU faced 4 major internal crises and an external one. The internal crises included the falling Euro, the debt crisis in Greece, the British referendum and the continued immigration of refugees from the Middle East. The external crisis facing the EU was the situation in Ukraine.
A new Ukraine was born after the Maidan revolution that occurred back in February 2014. The new Ukraine is determined to introduce and sustain a strong democratic system of government. In addition, the new government is trying to introduce sustainable economic and social reforms that will allow the country to move forward.
The Greatest Investors: George Soros
Russian Aggression against Ukraine
Vladimir Putin has led a strong Russian aggression against the new Ukraine in a bid to topple the country’s political and social reforms. The Kremlin is afraid that if the new state succeeds in embracing democracy and capitalism, then other communist states in the region will follow suit. This would inevitably cause Russian citizens to start questioning the socialist policies upheld by the Putin administration.
Soros holds the believe that, in order to win the policy war against Putin, the European Union needs to offer economic assistance to the new Ukraine while at the same time increasing economic sanctions against Russia. This would empower Ukraine to defend itself politically, economically and defensively against the Russian onslaught.
Soros feels that he is well invested in Ukraine in part because he runs the Ukrainian Foundation and also because he has had a personal investment in the country. This led Soros to formulate a winning strategy designed to help Ukraine rise up from the clutches of Russia.
What Soros Recommends
The most important move that the European Union could take would be to increase financial assistance to Ukraine. This would provide the country with enough political risk insurance. It would also increase the country’s security against any external aggression. This would boost investor confidence in the state and revitalize the sluggish private sector.
Other than financial assistance, the EU should support the country’s efforts in coming up with an honest, competent and independent judiciary. This would go a long way in fighting corruption, which has long crippled the country.
Soros argues that supporting Ukraine should be a top priority for the EU because it would show the world that the union supports democracy. It would capture the spirit of solidarity and cooperation that the EU stands for, while dealing Vladimir Putin a huge blow in the region.
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