Category Archives: Ukraine

George Soros Explains Why Ukraine Needs Assistance from the EU

Billionaire hedge fund manager, George Soros has become one of the most vocal proponents of Ukrainian stability. The founder and chair of the Open Society Foundations recently penned an edifying article on Project Syndicate, calling for the European Union to support Ukraine’s recovery. Besides this, Soros openly portrayed his displeasure with the way Russia has been advancing its tyrannical tendencies, more so through the annexation of Crimea.

The Maidan revolution should be a wakeup call to all European nations. It clearly showed that Ukrainians were tired with the old Ukraine. The citizens stood up against a well-trained and armed army, and eventually won. The birth of the New Ukraine was a historic moment, and the epitome of patriotism and nationalism. Unfortunately, Ukrainians have been abandoned by the EU at their hour of need. The union has failed to offer necessary support to sustain the gains made. Ukrainians have for a long time, wished to be associated with the EU, something that the union itself seems to be unconcerned with.

Maintaining Stability in Ukraine

Many people are questioning whether the prevailing stability will be maintained in the long run. The hopeless division of the European Union has only worsened the situation. The euro crisis in particular, threatens to tear the continent apart. Debtor countries have been pitted against richer nations, which happen to make a larger contribution to the EU’s coffers. Russia used this state of crisis to gain an upper hand during its negotiations with Ukraine.

According to the billionaire, unassertive leadership is the EU’s main waterloo. Merkel and other top leaders of the union have failed to act decisively. This explains why Europe has been faced with incessant crises over the years. The European Union should stop burying its head in the sand, and act sensibly. The first thing that needs to be done is putting together a sizable financial package, which will save Kiev from imminent economic collapse. This is however, not enough to sustain the current stability. The Renaissance Foundation was founded by Soros in 1990 to promote political reform in Ukraine. The EU needs to learn from the success that the foundation has had.

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George Soros | Open Society Foundations (OSF)

Sustaining Ukraine’s Breakthrough

Apart from financial backing and political reform, Ukraine is in dire need of managerial expertise. The country similarly needs more access to global markets. This will ultimately pave way for economic recovery. However, such possibilities can only come true with assistance from the EU. Lessons need to be drawn from the recovery of Central European economies in the mid-nineties.

Ukrainians have remained hopeful in the face of adversity. Their doggedness is the strongest indicator that the country will recover economically and politically. Ukraine is blessed with vast natural resources, which need to be harnessed for economic prosperity to be guaranteed. The prevailing business climate must similarly be improved through the elimination of corrupt cartels. The EU and its partners also need to market Ukraine as a worthwhile investment destination.

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