George Soros, the 86-year-old founder of the Soros Fund Management, is known to the entire world not only as an influential business magnate whose net worth goes over 24 billion US dollars but also as a concerned citizen who does not mind sharing his opinions regarding the policies that affect various countries. Below is a detailed recounting of the commentary George Soros Ukraine once gave to a digital news platform about a fresh guiding principle that could save Ukraine from doom.
Major Problem Faced by Ukraine
Due to the poor administrative skills of the Ukrainian government in the past years, the country suffers from large debts that place them in an economic crisis. The authorities have already appointed the International Monetary Fund (IMF) to assist Ukraine in regaining their footing in the world market, and the financial assistance that they have provided to this nation is more handsome in comparison to the amount that they offer to the other European countries. However, it does not change the fact that the country is not an associate of the European Union, and so they cannot avail the other aids that are accessible only to the EU members. Reference: http://www.nybooks.com/articles/2015/10/08/ukraine-europe-what-should-be-done/
Solution Proposed by George Soros
Apart from Ukraine, George Soros also mentioned that Russia faces a similar dilemma, and they can remedy the issue if the European Union chooses to transform the policies that they have at present to make things more favorable for both nations. According to the seasoned investor, there is a definite need to re-orient the limitations and delimitations that occur in the Ukraine and Russia so as to allow their economy to get better.
By looking at the financial history of the latter, one can deduce that it has been the recipient of the sanctions which, in a word, prevents the local banks from Russia in accessing the international funding and pulls the country down even further. Because of it, the amount of supply that the government can offer to their consumers is much lesser than the typical demand. This scenario can indeed derail the chances of the nation to grow and become financially stable. The worst thing that can happen is that it happens to Ukraine as well.
The New Ukraine
In the article, George Soros further explained that Ukrainian leaders come from the new Ukraine, a society filled with people who possess liberal minds and most often have received their degrees from international universities. This brand-new government that the inhabitants are forming does not care about the rulings that take place in other countries, nor do they wish for these policies to become implemented in theirs. Nevertheless, Soros proposes that rebalancing the sanctions given to either countries can help all parties involved immensely.
About George Soros
Although George Soros is known for the investments he makes, risky or not; he truly gained prominence when he won the competition concerning currency and became the “Man Who Broke the Bank of England.” Such a trade permitted him in 1992 to take home one billion US dollars as a result of the Black Wednesday UK currency crisis.
Read the articles about George Soros and Ukraine on NY Books