European Union is breaking apart, warns George Soros

Hungarian-born American billionaire George Soros believes that Europe is on the verge of collapse and disintegration.

“The European Union is facing an existential crisis and needs to get out of it because the immigration issue is very stressful and the EU is falling apart.

“This is the proper time for a major initiative, something like a Marshall plan. It is amazing that some hints come from Schauble (i.e. Germany’s Finance Minister). I also proposed a Marshall Plan for Eastern Europe, including Russia, over 25 years ago. At Potsdam in 1989 when the city was still part of Eastern Germany. The idea was received with amusement then, but now it should not be regarded so. I think such a plan will be difficult to pass because there are still many disagreements which might lead to the disintegration of Europe. Many people know that something went terribly wrong and things have to be fixed”, said Soros during an interview for Bloomberg at the Economic Forum in Davos.

The Marshall Plan was the first reconstruction plan conceived by the United States and aimed for the Allies after the Second World War. As a program of financial assistance developed to help the European economies and stop the spread of communism, Marshall was designed to tackle economic issues.
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Asked if investors underestimate the risks assumed by the European Union and if there is a risk of rupture as that caused by the Greek crisis, the billionaire said that nothing has changed from last year.

“Greece is still a problem. It is in fact the only problem without a solution. The country was so messed up that can only go forward, but there is no solution and no vision. This issue is about to explode again. You can see that on Tsipras’ face,” said George Soros, who had predicted a global recession in 2011 because of the Greek debt, but that never happened.

Soros said earlier this year that problems of the global stock markets caused by the slowdown of China’s economy, could signal a new financial crisis similar to that from 2008. The tycoon warns business professionals to be cautious when making investments in 2016.