Europe Imploding? Germany Rejects Eastern European Bailout and Keeps its own euros, Sorry
Germany is very smart in rejecting a bailout of Eastern Europe; they need to think of themselves first and foremost. I guess the European Union has hit a bump in the road to their dream of becoming united, where nationalities and borders no longer matter. The Germans are sounding pretty nationalistic to me, and I don’t blame them.
Why should Germany have to pay for the incompetence, or misfortune of other countries? That would be like taking tax money from competent innovative companies and then giving it to incompetent and mismanaged companies. Who in their right mind would do something like that? Why would someone want to reward failure? It makes no sense to me, and apparently it makes no sense to the Germans either.
jbranstetter04
Germany rejects Eastern Europe bailout
Germany on Sunday rejected appeals for a single multibillion-euro bailout of Eastern Europe, even after Hungary begged European Union leaders not to let a new “Iron Curtain” divide the Continent into rich and poor.
The swift, strong comments by Chancellor Angela Merkel of Germany dampened hopes that leaders at the EU summit meeting Sunday could forge a unified stance to tackle the worsening economic crisis.
As Europe’s largest economy, Germany has been under increasing pressure to take the lead in rescuing eastern EU members, but Merkel insisted that a one-size-fits-all bailout was unwise.
“Saying that the situation is the same for all Central and Eastern European states, I don’t see that,” said Merkel, adding “you cannot compare” the dire situation in Hungary with that of other countries.
Prime Minister Ferenc Gyurcsany of Hungary, saying the credit crunch was hitting the eastern members hardest, had called for an EU fund of up to €190 billion, or $241 billion, to help restore trust and solvency in those nations.
“We should not allow that a new Iron Curtain should be set up and divide Europe,” Gyurcsany told reporters. “In the beginning of the ’90s we reunified Europe. Now the challenge is whether we will be able to reunify Europe financially.”
EU nations are all grappling with a worsening recession, compounded by a severe credit crunch that has left many bloc countries looking ever more inward to protect jobs and companies from international competition. Those policies are now undermining the open market cornerstone on which the EU is founded.
Ahead of the summit meeting, the leaders of nine countries – Poland, Hungary, Slovakia, the Czech Republic, Bulgaria, Romania and the three Baltic states – forged a common stand to pressure richer members in the 27-nation bloc to back up vague pledges of support with action.
Prime Minister Donald Tusk of Poland said the nine leaders had called for “a spirit against protectionism and egoism.”
Hungary, Poland and the Baltic countries of Estonia, Latvia and Lithuania also want the EU to fast-track their bids to join the euro currency, which could offer them a stable financial anchor.
Latvia’s government has already collapsed amid the economic fallout.
Other EU members, like Sweden, want to coordinate a Europe-wide bailout plan for car producers.
Prime Minister Mirek Topolanek of the Czech Republic, which holds the EU’s rotating presidency, has called on his counterparts to act together.
A draft summit conclusion centered a commitment to “make the maximum possible use” of the EU’s cherished free market “as the engine for recovery.”
The EU “does not want any new dividing lines. We do not want a Europe divided along a North-South or an East-West line, pursuing a beggar-thy-neighbour policy is unacceptable,” Topolanek said.
The crisis has sorely tested solidarity among EU nations.
The Czech Republic has accused France of trying to protect its local car plants at the expense of foreign subsidiaries, while Germany rejected earlier calls to help bail out economies in Ireland, Greece and Portugal…
http://www.iht.com/articles/2009/03/01/europe/01union.php
Duration : 0:5:55
[youtube kvhXp6anoDc]
@NJRocks281 … …
@NJRocks281 … simply false….keep dreaming
I’m American and …
I’m American and even i can see that europe is going to suck germany dry. germany is the #1 economy in Europe and thats for a reason. They are actually hard working and innovative, while he greeks are moaning about even the smallest financial cuts. Why give another drink to an alcoholic? Why should they bailout these club med countries. It’s BS.
American’s have it …
American’s have it better than most of the world — Accept of the 15,000,000 illegal aliens in America today.
Thank god my …
Thank god my country (estonia) didn’t take money from EU, because now our economy is growing and we don’t have to pay anybody
@Lintflas yeah, i …
@Lintflas yeah, i agree with you, german economy is the best, because of the clever brains on the members in german parliament. People, face it, Germany is being blamed, FOR WHAT? seriously greece, don’t burn banks, burn yourselves.
I’m not from Germany, I’m from Estonia and thanks to Germans who had lived in estonia for years, our economy is stabilised and growing. Greece parliament is unproffessional.
Think were heading …
Think were heading for WWIII the final fight for whats left of the scraps?
Thank god I live in …
Thank god I live in Australia. It’s constantly been much better than the US situation. Maybe you guys should learn from us, like how to regulate your financial system
@mizzoulibertarian
…
@mizzoulibertarian
Something EU does with 8 M troops 11 000 tanks and about 4000 fighters,if combined EU has the greatest armed forces on planet earth.
Investing just 2% of its GDP.
@FireFox9032
NO
…
@FireFox9032
NO
for eg: america owes china nearly a trillion dollar of debt
which means china has positive account wrt to america
in the same way most countries owe debt to some country or institution (mostly china)
@NJRocks281 Explain …
@NJRocks281 Explain to me how its footage of germany when the word “police” is written in english on their uniforms and not the german spelling “Polizei”, I don’t understand how anyone can even listen to Glenn Beck because all he does is spread fear
@sharathvasudev If …
@sharathvasudev If countries do not have money to pay their debt it matters not to whom they go bankrupt. Nothing ‘relative’ about it.
@FireFox9032
the …
@FireFox9032
the world is about to go bankrupt to whom?
bankruptcy is always relative factor
i think in the end one nation must show positive account
i think it will be china
yeah it is footage …
yeah it is footage of europe ya dumbass
Most powerful …
Most powerful economy…Germany…lol Germany isn’t even 1/5th of the economy of the US.
@Lintflas its is ok …
@Lintflas its is ok that germany pays the highest contribution because you have such a massive trade surplus with the rest of europe, ie the rest of europe has been transfering wealth to germany for so long that you can afford massive contributions….a lot of the money you spend comes back to you anyway, the EU will be ok.
@IowaArmen USA– …
@IowaArmen USA–failed because of ruining the world market !!!!
Financial Crisis made in USA
Those eastern …
Those eastern European states should be happy to not be in the Eurozone.
@jbranstetter04 The …
@jbranstetter04 The european union was mainly brought together by germany and the france. We are the economic mashine that keeps the Euro safe. The union would come to an end if germany gets out of the EU. We can’t do that and we don’t want to because we want to keep up a good neighbourhood. The better way would be to bail greece out of the EU, so we don’t have to pay their fraud of sendig wrong facts about their economic status to us. Greece obtained the euro by a fraud. That’s a fact.
Greece and the EU …
Greece and the EU will suck you dry, just you wait and see; get out while you still can. I respect Germany and its people a lot, but they cannot be the only country doing the right thing and expect to be able to support the others without eventually falling. Greece is a bottomless money pit. Imagine a people who are broke and they are not willing to retire at 55 instead of 53. They are pathetic. The US will be next if we don’t get our act together. Will you bail us out too?
The situation in …
The situation in America is better than in the rest of the world? Bullshit!
I’m from Germany and all I can say is that we still have the most powerful economy on the planet. In fact this april our rate of unemployment has sunken in comparison to 2009. We created about 200.000 Jobs in the last year. The crisis didn’t push us too much, even though we always pay the highest financial contributions to the EU and now we pay the highest contributions to help greece out of it’s financial mess.
imagine if europe …
imagine if europe had to provide for its own defense?
I know a way for …
I know a way for this crisis to workout: Greeks should quit their jobs (if they haven’t been laid off already) and short the EUR at home … yay for “self-employement”
ah… Irony…
lol this is …
lol this is pathetic, thats not even footage of anywhere in europe
I stopped it at 1 …
I stopped it at 1 min, sad thing is US mainstream is bullshit. Even worse, people believe it!
This has to be a …
This has to be a fake, haha.