Coronavirus threatens the existence of the EU-Soros
LONDON, may 22 (Reuters) – Billionaire George Soros warned that a new coronavirus will jeopardize the existence of the EU, when the unit will issue perpetual bonds, or “console” to support weak countries such as Italy.
“If the EU will not be able to see it now, he may not be able to survive the challenges it is currently facing,” said Soros.
“This is not a theoretical possibility, it may become a tragic reality.”
Soros said that the EU will have to maintain its credit rating of “AAA” to issue such debt, and, therefore, should have the right to raise taxes to cover the cost of the bonds. The billionaire suggested that the EU could only approve taxes but not collect them.
“There is a solution,” said Soros.
“Taxes should only be approved; they do not need to enter”.
Answering the question about Brexit, Soros said he was especially concerned about Italy: “What will remain of Europe without Italy?”
“Easing the rules on state aid, which favour Germany, it was especially unfair to Italy, which was already the “sick man of Europe”, and then was hit hardest by COVID-19″ – said Soros.
(Guy Faulconbridge; Translated By Caleb Davis. Editor Marina Bobrova)