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Soros Fears Heavy Losses, Requires Further EU Loans for Ukraine

Soros is heavily invested in Ukrainian bonds. An EU bailout of Ukraine is therefore also a bailout of George Soros

This article originally appeared at German Economic News. Translated for RI by Anita Zalaldinova

US investor George Soros calls for more billions in loans from EU taxpayers’ money to Ukraine. The Europeans have been too much focused on Greece, but the fight of Europe against Russia started in Ukraine. The reason for the renewed demand from Soros: he fears a debt cut on private bond holders of the Ukraine, a group to which he belongs.

<figcaption>George Soros just wants to get his money back from Ukraine — by any means.</figcaption>
George Soros just wants to get his money back from Ukraine — by any means.

US billionaire George Soros said in an interview to BBC Radio 4 that the EU is ignoring the poor financial situation of Ukraine. He called on Brussels to provide additional funds to Kiev.

According to Soros, Europe is too busy with the financial problems of Greece. Unlike the Greeks, Ukrainians chose their way towards Europe to counter the “Russian threat”.

“This is a country with more than 40 million people who want to be Europeans. These people really want to stand up, fight and sacrifice their lives, but Europe ignores this fact. This is a terrible, terrible mistake. Europe must wake up before it’s too late,” the Irish Times quoted Soros as saying.

Previously, Soros said that Ukraine needed financial loans in the amount of $50 billion.

Soros himself has invested in Ukrainian government bonds and fears for his assets. There is a risk that there will be a debt cut on private creditors to Ukraine. If this is the case, Soros will be directly affected. Therefore, the EU taxpayers should help out to secure his investments. In mid-March the Ukrainian Finance Minister Natalia Jaresko held a conference call with the creditors to announce her desire for a cut of the debt by $15 billion. However, the creditors will not accept a cut at this level.

In January 2015 Soros wrote in an article for the Project Syndicate:

“The EU’s members find themselves at war. You must begin to act this way. This means that they must modify and recognize their commitment to fiscal austerity, since it is better for them to help Ukraine to defend themselves, and not to believe that they do not have to defend directly the EU.”

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