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Schaeuble: The alternative would be that "Europe becomes a fortress and that would be a disgrace". (Photo: World Economic Forum)

Schaeuble: Refugee crisis to cost 'more than we thought'

The refugee crisis will cost Europe "more than we thought", and a Marshall plan in the Middle East will be needed to reduce the flow of people coming to Europe, German finance minister Wolfgang Schaeuble warned Thursday (21 January).

"We need a Marshall Plan for the regions that are being destroyed," Schaeuble said during a debate at the World Economic Forum in Davos, Switzerland.

"We will have to invest billions into the countries of origin of the refugees in order to reduce the ...

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