German Chancellor Angela Merkel arrives at an emergency European Union leaders summit in Brussels March 1, 2009. EU leaders meeting in Brussels on Sunday will discuss possible action on the financial crisis amid concern eastern European countries may need more help. REUTERS/Eric Vidal (BELGIUM)From Yahoo News/AP:
BRUSSELS – German Chancellor Angela Merkel has rejected calls for a multibillion-euro bailout plan for eastern European Union member states.
She says the situation is very different in each EU country and aid should be handled on a case-by-case basis. She adds that a one-size-fits-all bailout of poor eastern members is unwise.
Merkel told reporters during Sunday's summit of EU leaders that "you cannot compare" the dire situation in Hungary with that in other countries. Germany, the EU's largest and richest economy, is under growing pressure to offer more help.
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My Comment: If Germany does not change their mind .... and if the Eastern European Governments do not start to sacrifice the policies that put them where they are today .... this financial crisis is only going to get worse.
How do I know that what is happening today is serious?
When was the last time that European leaders got together on a Sunday to discuss a crisis.
The answer is never.
What is being done today is in the hope that when the markets open Monday morning, we will not have a run on the banks in Eastern Europe.
Hmmmm .... their must be a considerable amount of concern in European Governments that credit and financial markets will tank tomorrow if effective action is not taken today.