Billionaire investor George Soros believes the European Union is on the verge of collapse largely because of the migration crisis. The war in Syria has created thousands of refugees, and Europe is divided on how to deal with the inflow of these refugees, and that threatens the union, Soros said in an essay on his website.
He has criticized German Chancellor Angela Merkel many times in the past, but he credits her with foreseeing the immigrant crisis and what it meant, and believes she and the German people are key to solving the issue.
Unfortunately he is not sure that will happen because of European country’s not wanting to do what is necessary to solve problems. He said the Greek financial crisis did nothing but teach some leaders to kick the can down the road, or more accurately perhaps, to kick it up the hill so it keeps falling back down. Now there are five or six countries headed toward a similar financial crisis as a result.
Future financial crisis could endanger the union, but the migration problem is one that could send it over the top. Terrorist attacks in France have also had a negative impact on the attitude toward refugees in France and other European countries.
Soros said on Bloomberg Merkel saw the potential of the migration crisis, and took some risks. It was Merkel who said the crisis could kill the European Union, and Soros believes she and the German people are the ones who can keep that from happening. Under Merkel’s leadership Germany has taken a leadership role in the migration crisis, and now they need to decide if they want to carry that leadership on to the entire continent.
Soros sees this as different than the Euro crisis that happened a few years ago. In that case she catered to public opinion instead of trying to shape it, and Soros saw that as a mistake. In the immigration situation, she has taken more of a leadership role and influenced public opinion to her way of thinking. That is why he thinks she has has done well in this crisis but not the other.
Soros grew up in Budapest, Yugoslavia and was a teenager during World War II when Germany was in power. He escaped the Nazi’s even though he was a Jew. He went to England to study at the London School of Economics as a young man after the war. In the early 1950s he moved to the United States and started an international investment company that has become very successful. He is regarded as one of the world’s richest men with a net worth of around $24 billion. He is now involved in several philanthropic causes around the world.