George Soros is concerned about inequality in the European Union and has a hopeful vision for the Ukraine. The billionaire who was famous for his impactful bet against the British pound says the European Union has lost focus on its original vision of creating a society of equals and has become a disunion of richer and poorer states.
Soros gave a talk at the Institute for New Economic Thinking, as reported by Valuewalk. He thinks the European Union is distressed by inequality and warned that this might lead to increased civil unrest that may develop into Weimar Republic brand of forcefulness. Soros said the European Union was “an embodiment of the idea of an open society.” However, as more member states were added, there developed a perceived divide between richer and poorer states, and a debtor versus creditor relationship that led the richer states to dominate the poorer countries.
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The two biggest problems the EU faces are Greece and the Ukraine. Soros feels there is hope in the Ukrainian situation if Europe reaches out to the Ukraine to enable to foster free enterprise and democracy. He called the situation in Greece “poisonous” and the quagmire of its incessant debt is creating resentment and social unrest. “It is very difficult for the debtors to exit their inferior status, ” he said.
He also regrets that the problem in the Ukraine is being viewed as analogous to the Greek problem, “If the EU continues to treat the Ukraine like Greece, it will become Greece.”