Left-wing billionaire George Soros wants the European Union to deal with the continent’s refugee crisis by maintaining an open borders policy and running up the EU’s credit.
The EU should take on debt in order to help improve economics conditions in Africa, as part of its response to the ongoing refugee crisis, Soros argued in a speech at the European Council on Foreign Relations’s annual meeting on Tuesday.
Soros pitched the idea of “an EU-led ‘Marshall Plan for Africa’” that “would require at least €30 billion ($35.4 billion) annually for a number of years” to help deal with the refugee crisis. Due to a “woeful shortage of financial resources,” Soros said, “EU member states could contribute only a small fraction of this amount. So, where could the money come from?”
“It is important to recognize that the refugee crisis is a European problem requiring a European solution. The EU has a high credit rating, and its borrowing capacity is largely unused,” he explained. “When should that capacity be put to use if not in an existential crisis?”