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News reports say at least six people have been killed when a projectile hit a bus near the rebel-held city of Donetsk in eastern UKraine. MORE DETAILS TO FOLLOW...
(AFP, Reuters, Interfax)
George Soros has been arguing in the latest edition of the New York Review of Books for a new approach to be adopted toward sanctioning Russia. Here's a taster of what he has to say:
There is...an urgent need to reorient the current policies of the European Union toward Russia and Ukraine. I have been arguing for a two-pronged approach that balances the sanctions against Russia with assistance for Ukraine on a much larger scale. This rebalancing needs to be carried out in the first quarter of 2015 for reasons I shall try to explain.
Sanctions are a necessary evil. They are necessary because neither the EU nor the US is willing to risk war with Russia, and that leaves economic sanctions as the only way to resist Russian aggression. They are evil because they hurt not only the country on which they are imposed but also the countries that impose them. The harm has turned out to be much bigger than anybody anticipated. Russia is in the midst of a financial crisis, which is helping to turn the threat of deflation in the eurozone into a reality.
By contrast, all the consequences of helping Ukraine would be positive. By enabling Ukraine to defend itself, Europe would be indirectly also defending itself. Moreover, an injection of financial assistance to Ukraine would help stabilize its economy and indirectly also provide a much-needed stimulus to the European economy by encouraging exports and investment in Ukraine. Hopefully Russia’s troubles and Ukraine’s progress would persuade President Vladimir Putin to give up as a lost cause his attempts to destabilize Ukraine.
Unfortunately neither the European public nor the leadership seems to be moved by these considerations. Europe seems to be dangerously unaware of being indirectly under military attack from Russia and carries on business as usual. It treats Ukraine as just another country in need of financial assistance, and not even as one that is important to the stability of the euro, like Greece or Ireland.
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