George Soros is a famous hedge-fund manager with a compassionate side, and he has recently released articles arguing for debt relief to the struggling Ukraine. in the past two years the country has seen immense social change, and there was a political revolution that led to the departure of the former president. Additionally, the country has faced immense pressure from Russia and minimal help from the world community.
Soros recently published this article in the New Yorker, in which he details his support for policies that aim to help a struggling Ukraine. He starts by detailing the current financial crisis in Russia, and explains how this drop in oil prices coupled with financial restrictions has dealt a severe blow to the Russian economy.
Russia is quite dependent on oil as a natural resource, and the country has oil as a primary export. Because of this, the country is susceptible to budgeting issues if there is a drop in oil prices, and prices have fallen dramatically compared to a few years ago. In the era of global financial markets and interdependent world trade, no country is interested in war. The United States and European Union are trying to curtail Russian aggression against Ukraine by using financial instruments. However, these sanctions are far from perfect, and end up doing damage to citizens in Russia and around the world. While this is preferable to actual violence, the world would still prefer to reach a more diplomatic solution.
George Soros – Project Syndicate
George Soros proposes a diplomatic solution that might help both parties. He suggests that the United States and world authorities ought to offer debt relief to Ukraine. Their recent political revolution is an incredible expression of the will of the people, and this democratic reform process should be bolstered by economic support from the world community.
Additionally, a stronger Ukraine would be a net positive for the global community, as there are untapped investment opportunities available in the country. The country has a large amount of natural gas and other natural resources, which could be tapped and exported to bring in revenue. The region used to have a strong tourism industry, and a weakened Russia and international investment in the country could bring the industry back to life.
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