14:07 GMT11 August 2020
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    American financial investor George Soros claimed in an essay for the New York Review of Books that only a massive infusion of cash can save the European Union from collapsing, amid the ongoing refugee crisis.

    Soros, who previously stated that it was Europe's "obligation" to accept at least a million migrants per year, now warns the EU of an increasing risk of collapse unless a major cash injection is made.

    "The asylum seekers are desperate. Legitimate refugees must be offered a reasonable chance to reach their destinations in Europe," the billionaire financier wrote.

    "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."

    More than one million registered migrants fled their crisis-torn home countries in the Middle East and North Africa in 2015, heading for Europe.

    Pushed by war and poverty, hundreds of thousands of undocumented migrants have illegally arrived in Europe, seeking a better life in wealthier and more politically and socially stable states.

    Under a disputed EU-Turkey deal, anyone arriving illegally in Greece will be deported to Turkey, including Syrians. In return, the EU will take in thousands of Syrian refugees currently trapped in Turkish camps and reward Ankara with money and other bonuses including visa-free travel.

    In his essay, Soros suggests that Europe establish "a firm and reliable annual target of 300,000-500,000 refugees," as a middle-ground number that can be accommodated by European states and serve to reassure refugees that they can eventually reach their desired destinations.

    According to Soros, one of the world's wealthiest men, the plan would require at least €30 billion a year ($34 billion), which is less, he asserts, than the EU's potential expense should the alliance fail to meet the needs of the ongoing crisis.

    Europe, Soros believes, has the capacity to raise such a sum, by, in his example, mobilizing triple-A credit.  

    "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 suggested.


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