There is a refugee crisis brewing in Europe. Currently, the countries of Turkey, Jordan, and Greece are getting absolutely overwhelmed by a surge of refugees seeking EU asylum. Funding for the relocation of these refugees is scarce, and the allocation of these refugees has been labored and difficult. Writing for the New York Review of Books, philanthropist George Soros identifies these four problems: “First, the policy is not truly European…Second, it is severely underfunded. Third, it is not voluntary. It imposes quotas that many member states oppose and requires refugees to take up residence in countries where they don’t want to live, while forcing others who have reached Europe on http://www.nybooks.com/daily/2016/04/09/europe-how-pay-for-refugees/ to be sent back. Finally, it transforms Greece into a de facto holding pen without sufficient facilities for the number of asylum seekers already there.”
George Soros begins by offering macro solutions that address multiple problems. For starters, restricting the amount of refugees that can come over every year to a number that both gives refugees the assurance that they can find asylum while also not overextending the capital of these nations. This addresses Soros’ third and fourth problems on http://www.nytimes.com/topic/person/george-soros. Soros also recommends that 30 billion euros be allotted to this endeavor and that “front line” countries such as Greece and Turkey be given the money as grants.
As for actually taking out the loan itself, George Soros notes that the EU currently has a AAA credit rating, giving them access to loan terms that are very advantageous toward the EU. Not only that, Soros notes, but the EU has rarely leveraged this power. By taking this loan out, it would allow the EU to provide what George Soros refers to as “surge” funding, which would inject a large sum of money into the refugee crisis right now in order to stop the bleeding and improve the situation now so that it is easier to manage from here on out.
The repayment of this loan would be handled by a special EU tax that is fairly distributed among countries. This should alleviate the fears of countries like Germany who worry about having to shoulder an unfair load of the burden should any other country in the EU have to default on their repayment of the loan. The EU, as a whole, should leverage their considerable loan power for this crisis, Soros notes, because this is their greatest humanitarian crisis, and fast action is needed now.
George Soros is in a unique position to address the fiscal aspects of humanitarian efforts. Soros was born to a Jewish family in Hungary in 1930. When he was a teenager, he managed to successfully hide during the Nazi occupation. Soros has since donated over $11 billion to a wide variety of philanthropic causes.
Learn more about George at Biography.