Facing trouble: Workers protested at a shoe factory in Tuzla, Bosnia, on Wednesday. Nervous Western banks have been pulling investments from the region recently. (Damir Sagolj/Reuters) Eastern Europe’s Fall Puts Continent On Edge -- Christian Science Monitor
Latvia’s collapse and the sinking East is hurting Western banks, and the ideals of unity.
How quickly the European Union will or will not rally to help its most economically crippled new states in the East is becoming a major political test for the Continent.
Crisis summits will be held this weekend in Brussels to confront the problem, which is escalating as Western banking capital flees the once red-hot economies of the former Soviet states. But the problems may quickly move West.
“The future of Europe may be unfolding in the East,” intoned Le Monde this week. “Western Europe cannot let Eastern Europe fall apart.”
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My Comment: Throughout its history, Europe's peace has always been dependent on economic, social, and political stability. The past 6 months has been anything but economic, social, and political stability.
I do not expect Europe to devolve and become hostile states towards each other, but any crisis will stop and/or limit its involvement in other countries who are undergoing unrest that spills over into violence and warfare.
Europe's pullback from Africa is already having an impact in countries like the Congo. They cannot put extra troops into Afghanistan .... and now they do not have the assets to assist in anti-piracy actions off the Somali coast.
I am not a financial specialist, but I am acutely aware that a financial crisis will have an impact on stability. Will this be a summer of discontent .... I have yet to meet a voice who is saying no.