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Save Ukraine to counter Russia, says Soros (Christian Oliver, Financial Times) Billionaire investor George Soros said that the EU is grossly underestimating the importance of Ukraine. That country is far more important for the future economy of Europe, and even for the continuing existence of the EU, than is Greece. Soros said the EU and the U.S. need to back up sanctions against Russia with support for Ukraine which he estimates would run to $50 billion.
Soros says the sanctions and collapsing oil prices have combined to push Europe closer to recession but has produced a "financial meltdown" for Russia. The EU needs to "wake up" and realize it is under attack by Russia. He said: “Assisting Ukraine should be seen as a defence measure by European countries.” The defenses would involve "massively expanded financial firepower" to "counter Moscow’s nationalist expansionism and save Ukraine from a bankruptcy that would strengthen hardliners in Russia".
Soros speaks out a a time that the EU has struggled just to raise €1 billion for the fight against Ebola and has refused to be part of an IMF plan to provide $15 billion support for Ukraine.
Soros says the actions by the EU indicate it has not understood Russia's objective of undermining the EU. He sees the confrontation as possibly an existential event for the EU.
Asian Stocks Rise; U.S. Futures, Ringgit Advance With Oil (Emma O’Brien and Nick Gentle, Bloomberg) Most Asian stock exchange indexes are up 1% to 2% in Thursday trading, except for Shanghai, down 2%. Check the latest stock data streaming live at Investing.com.
Articles about events, conflicts and disease around the world
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