Failure to save East Europe will lead to worldwide meltdown

mzqa395

If mishandled by the world policy establishment, this debacle is big enough to shatter the fragile banking systems of Western Europe and set off round two of our financial Götterdämmerung.
Austria's finance minister Josef Pröll made frantic efforts last week to put together a €150bn rescue for the ex-Soviet bloc. Well he might. His banks have lent €230bn to the region, equal to 70pc of Austria's GDP.
"A failure rate of 10pc would lead to the collapse of the Austrian financial sector," reported Der Standard in Vienna.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/4623525/Failure-to-save-East-Europe-will-lead-to-worldwide-meltdown.html

Milarky

Although an interesting article, there is no need to paste the whole thing!!!!There are rules on quoting from publications on this, or any, site (a little thing called 'copyright') A link plus your own summary alone (eg the Headline) is fine.

..Besides which, your post is much less readable as a result if you post both the link and the full text - because why would I read through it all and then go to the very same article? ..no further information there...

Thanks

Milarky

http://news.bbc.co.uk/1/hi/world/europe/7901902.stm

Latvian Prime Minister Ivars Godmanis and his centre-right government have resigned, amid turmoil triggered by economic crisis in the Baltic state.

Latvia's is the second European government, after Iceland, to fall as a direct result of global economic woes.