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EU fails to help its eastern members? March 3, 2009

Posted by Sverre in : Political economy, World politics , add a comment

Eastern Europe has been hit hard by the financial crisis, and were hoping that the EU would be able to help them over the worst of it. Figures presented by Eastern European government claimed that 5 million jobs were in imminent danger of being lost, something that would seriously hit the entire EU and potentially drop a new iron curtaion over Europe. At a summit this Sunday, the EU rejected a bailout plan designed to help Eastern European nations, mostly outside the Euro area. Was it a sign that Western Europe doesn’t want to help their eastern neighbours, or was it just the rejection of a bad plan? If the former, the entire EU project might be about to fail one of its toughest tests yet. (more…)