George Soros : Ukraine's Economy is More Important Than Greece

One of World billionaire investor George Soros make some notable speech, he has called on European officials to urgently boost their efforts to support the Ukrainian economy, to help contend with the threat posed by Russia to the European economy. he argues that Ukraine's economy is more important to the bloc than the current political uncertainty being faced in member countries like Greece, in a new essay in the New York Review of Books this week.

George Soros argued that the damage done to Russia has been faster and deeper than anyone could have expected and added that it would not be surprising if the crisis ended up with a default for the country.

"(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," he wrote in the essay, which was formally published late Wednesday.

Soros argued that more financial aid for Ukraine could help it become a "land of promise" that would not allow Putin to blame Russia's troubles on Western nations.

"If he fell from power, an economic and political reformer would be likely to succeed him. Either way, Putin's Russia would cease to be a potent threat to Europe," he added.

source: CNBC Matt Clinch on emerging europe