Punishing Estonia which obeyed the rules, while bailing out Greece which has breached them flagrantly, would do little for the euro’s credibility with governments and investors alike.
Tag Archive: European Union
Averting a meltdown in Greece, at least temporarily, is good news for that country’s fragile ex-communist neighbours. Their big worry is Greek-owned banks, which account for as much as a quarter of banking assets in Bulgaria, some 15% in Romania and a tenth in Serbia. These institutions have been facing potential runs by depositors, as worries have grown over Greece’s solvency and thus over the Greek banks.
Following last month’s joint Polish-Russian memorials to commemorate the Katyń massacre, and the outpouring of Russian sympathy since the plane crash that killed Polish President Lech Kaczyński and 95 others, CEPA Senior Fellow Edward Lucas offers a penetrating look at the politics of historical reconciliation in Central Europe.