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Archive for Monday, March 2, 2009

Merkel, E.U. reject bailout for E. Europe

March 2, 2009

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— German Chancellor Angela Merkel and other EU leaders flatly rejected a new multibillion dollar bailout for eastern Europe on Sunday, suggesting that additional aid be given to struggling nations only on a case-by-case basis.

Germany and the Netherlands also shot down suggestions that eastern European countries that have seen their currencies plummet be given a quick entry to the euro, which has remained strong against the U.S. dollar and Japanese yen. But French President Nicolas Sarkozy said the EU could look at reviewing the stringent euro currency membership criteria and two-year waiting period once the global economic crisis ends.

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