George Soros has been talking about Ukraine debt for the last 14 months. Soros has written essays on the subject, and the New York Times and the Wall Street Journal, as well as other news publications, have published articles about possible structural reforms in the Ukraine. George Soros has also been very vocal about the European Union and the mounting debt and bank issues that are causing concern about the longevity of the EU. The banks in Italy, Spain, Portugal and other member countries are in trouble, and Germany is showing signs of wear and tear because of the migration dilemma, according to Soros.
Soros believes that in the case of the Ukraine default might be a better way to get debt relief, and investors should welcome that strategy. If the Ukraine does default, investors will still have a chance to recoup some of their investments on wsj.com, but many investors oppose the notion of a default, according to Mr. Soros. Fixing what ails the Ukraine is not easy. The constant pressure from Russia is not making the country a stable economic entity.
The philanthropist and financial expert also think the European Union has some serious issues, and they must be addressed before all hell breaks loose in Europe. The Brexit vote has many EU members nervous, but the British exit is not the major issue. Countries like Spain, Ireland, Italy, Greece, and Portugal are holding the EU hostage with their free-spending habits. The migration issue is also creating a major crack in the foundation of the EU, and Soros believes something has to be done quickly to hold the EU together. But nationalism and antiterrorism are the main focus now, and the arrangement with Turkey is not solving those issues.
Read more: Ukraine Deserves Debt Relief
The Soros Open Society Foundation works in countries that need help embracing Democracy and freedom. Soros is acutely aware of pending economic and social disasters that are looming across the European continent. Soros may be best known for his investment prowess, but he is also an expert when it comes to predicting the economic stability of countries around the globe. Soros has developed an extensive network in Europe, and even though he is an American citizen, he has a love for his European roots. Soros was born in Hungary 86 years ago.
So what is taking place in the Ukraine is not new for Soros. He understands what it feels like to live in a country that is torn apart by political and economic turmoil. That is one of the reasons George Soros cares so much about the conditions in the Ukraine. George may be worth more than $32 billion, but he still remembers his childhood poverty, and the road he took to get away from it.
Fixing the European Union won’t happen in 2016, and it’s doubtful any progress will be made in 2017 unless European Union leaders change the way they operate. Soros doesn’t believe that Germany will continue to support the EU as it has done in the past, and Soros knows that is a dangerous thought.