George Soros has called on Europe to stump up $50 billion in aid to support Ukraine as its economy withers in the wake of ongoing conflict with Russia.
In an essay published in the New York Review of Books on Thursday, Soros said the financial package is needed to help the Ukrainian government embark on radical economic reforms.
The billionaire investor and philanthropist said while he supports the continuation of sanctions against Russia, the focus must be shifted from punishing Russia to helping Ukraine.
“Europe needs to wake up and recognize that it is under attack from Russia,” wrote Soros. “Assisting Ukraine should also be considered as a defense expenditure by the EU countries.”
The International Monetary Fund approved a $17 billion bailout for the distressed country in March. In the same month, the European Union offered Ukraine financial assistance worth about $15 billion in the form of loans, grants, investments and trade concessions.
But as economic conditions deteriorate and Ukraine battles pro-Russian separatists in its eastern regions, the Ukraine government has said it will need more support.
via CNN
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019