Chancellor Angela Merkel, of Germany, speaking to the press at the European Union emergency summit at EU headquarters in Brussels on Sunday. (Jock Fistick/Bloomberg News)Growing Economic Crisis Threatens the Idea of One Europe -- The New York Times
PARIS — The leaders of the European Union gathered Sunday in Brussels in an emergency summit meeting that seemed to highlight the very worries it was designed to calm: that the world economic crisis has unleashed forces threatening to split Europe into rival camps.
An urgent call from Hungary for a large bailout for newer, Eastern members was bluntly rejected by Europe’s strongest economy, Germany, and received little support from other countries. Chancellor Angela Merkel of Germany, facing federal elections in September, said countries must be dealt with on a case-by-case basis.
Read more ....
More News On Europe's Financial/Economic Crisis
EU says crisis worst in memory, helping new EU states -- Yahoo News/Reuters
Economic crisis threatens the idea of one Europe -- International Herald Tribune
Eastern Europe Stocks, Currencies Tumble as EU Rejects Aid Plan -- Bloomberg
New 'Iron Curtain' threatens to split Europe over economic crisis -- The Telegraph
Ukraine Teeters as Citizens Blame Banks and Government -- New York Times
EU Denies Request For Bailout of E. Europe -- Washington Post
Fiscal 'Iron Curtain' splits Europe -- The Australian
Tough Love For Eastern Europe -- Forbes
My Comment: How can Europe have a unified European Security/Military structure, when they cannot even agree on the basics of managing their finances and money.
The main problem we see here are countries that did not even consider the idea of the Euro. As a stable and strong currency it gives "protection" to those smaller and less developed countries that could be hit by the crisis hard. For example Slovenia and Slovakia are getting through these hard times with small problems when compared to countries like Hungary, Romania, Poland and Czech republic. These countries were too sure of their own currency and too proud to switch to the Euro and now they're paying the price for it. Saying that with their currencies losing value they will have huge profits on export is not going to solve the problem. It is these countries that make European Union look unstable and disorganized.
ReplyDeleteTake care, Julie