Monday, March 02, 2009

EU Discord over Bailout of Eastern European Countries

Today the Washington Post reported that European leaders refused to meet a request by Hungary for $240 billion in financial assistance to Eastern European countries. Read the article here. An EU summit was held in Brussels on Sunday to discuss the economic crisis, which has hit Eastern Europe particularly hard with currency devaluations and financial difficulties. The EU has issued a press release about the summit on its Europa website.

The Post article states that Hungary and Latvia have received financial bailouts from the International Monetary Fund and that the World Bank has approved aid to the region. A January IMF article website discusses the necessity of financially assisting "emerging Europe," and a World Bank article provides the same suggestion.

Want to learn more about the situation? See our guide to the European Union.

No comments:

Post a Comment