In an emergency weekend ministerial meeting, the EU launched “the mother of all rescue” plans in an effort to save itself from global lenders’ doubts about the unity and financial credibility of the eurozone. A package worth nearly a trillion dollars was announced as markets opened Monday in Asia. Unprecedented in its scale and scope, the EU action impressed analysts as a response to the international dimensions of the crisis, providing a sweeping solution of the sort that has eluded the EU leaders at every previous stage in the crisis. Announced after 11 hours of negotiations Sunday, the rescue seemed to rise to the challenge explained in this blog last Friday: “Euro’s Fate at Stake in Emergency Talks This Weekend.” By Friday, the market onslaught seemed almost overwhelming: market players said that the number and amounts of sums invested to “short” the euro had reached new records.
Orbán Is Moderate Nationalist, But Far-right Also Making Gains
Fidesz, the center-right party led by former Prime Minister Viktor Orbán, seems set to sweep Hungary’s elections, perhaps with a two-thirds majority in parliament, returning to power after nearly a decade. But the results of the first round of voting worries some people because of the winner in third place: Jobbik. It is part of a troubling trend in Europe in recent elections amid the economic meltdown.
On February 23, 2010, The European Institute held a special breakfast meeting of its Transatlantic Roundtable on Financial and Monetary Affairs with His Excellency Vassilis Kaskarelis, Ambassador of Greece to the United States, who spoke about the implications of Greece’s financial crisis.
This meeting was supported by the Transatlantic Program of the Government of the Federal Republic of Germany through funds of the European Recovery Program (ERP) of the Federal Ministry of Economics and Technology.
© COPYRIGHT THE EUROPEAN INSTITUTE 2009
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