George Soros began his philanthropic work according to fortune.com in 1979, first by providing scholarships to blacks in South Africa under apartheid and has grown to be a part of ventures in over 100 countries. The Open Society Foundations have sought to work towards more democratic governments around the world, better conditions for all citizens, and better transparency within governments. On the Open Society Foundations website (2016) Mr. George Soros is stated as considering “open society—where rights are respected, government is accountable, and no one has the monopoly on the truth.”
Within the United States economy there were many factors that together led to the Great Recession. Some of these factors were investment banks were not held to the same regulatory policies that depository banks were, banks were borrowing short and lending long, and in the attempt to stabilize and save the economy money was diverted from business investment to share buy-back for executives. Shortly after this in 2009 Greece had their great financial crisis. The Greek government had spent beyond its means for many years, borrowing more money than it was collecting in taxes, and presenting its financial situation as much better than it was in order to join the European Union. Things got so bad that it was too expensive for Greece to borrow money to pay off its debts. Due to expansiveness of the situation if Greece declares bankruptcy all of the countries that have extended loans to Greece will not get their money and most likely will not be able to pay their own debts. This has led to the creditors’ not being willing to disclose the amount of the loans that Greece has with them.
The Ukraine in recreating itself is looking to the European Union for some assistance in this process and to stave off aggression from Russia. However, the European Union seems to be looking at the Ukraine as the Greece crisis all over again. Mr. Soros (2015) postulates, “the new Ukraine is one of the most valuable assets that Europe has, both for resisting Russian aggression and for recapturing the spirit of solidarity that characterized the European Union in its early days.” There was a large mismanagement of the crisis in Greece through loans at punitive rates and micromanaged reforms from outside of Greece that has wound up creating another string of problems. The Minsk II agreement in February 2015 puts the Ukraine at a disadvantage with Russia due to the deliberately vague language on what kinds of status and financial responsibilities the Ukraine owes the separatists in Donbas. With the current situation in the Ukraine, there are two choices according to Mr. Soros, either repeat the mistakes that were made in the Greek crisis, or treat it as the great asset that it is for the European Union by preserving the new Ukraine and assuring its success with Ukraine’s allies doing whatever it takes to enable Ukraine to survive and introduce far reaching economic and political reforms.
Ablan, J. (2015, November 30). Russia bans George Soros Foundation as state security ‘threat’. (T. Brown, Ed.) Fortune. Retrieved from http://fortune.com/2015/11/30/russia-bans-george-soros-foundation-as-state-security-threat/
- (2014, November 6). Buttonwood’s notebook: The great financial crisis: The guilty men. The Economist. Retrieved from http://www.economist.com/blogs/buttonwood/2014/11/great-financial-crisis
Soros, G. (2015, October 8). Ukraine & Europe: What should be done? The New York Review of Books. Retrieved from http://www.nybooks.com/articles/2015/10/08/ukraine-europe-what-should-be-done/
Staff: George Soros: Founder/Chairman. (2016). Retrieved from Open Society Foundations: https://www.opensocietyfoundations.org/people/george-soros
Von Hoffman, C. (2012, February 13). Q&A: The Greek financial crisis. CBS Money Watch. Retrieved from http://www.cbsnews.com/news/qa-the-greek-financial-crisis/