Dont you simply love the headlines in the EU bank crisis

So much for Unity !

So much for the EU better way of working together and cooperation.

What happens NOW as each group of children has gone their own way - protecting their own marbles.

Kind-of makes you wonder -- will the EU really last?

As a resident of Latvia, one of the EU's smallest countries, I find that the message that big brother is sending to Riga is not healthy - not one bit.

Latvia struggling to keep their ecomomy afloat after extensive mis-handling and management of the rapid expansion after EU adoption, may use this message from big brother so they don't have to balance their budget in 2008/2009.

Latvia's Leaders - or lack thereof - may now simply forget to get their house in order.

That will not be good for the average Latvian's future.

The haves will continue to stuff their pockets with food from the economic table while the scraps will have to be shared by the less fortunate - most of the Latvians, unfortunately.

Truly Lipstick Politics and GREED at it's worst.


------ check out the headlines and associated stories ------

EU leaders tear up rules of eurozone
By John Lichfield in Paris, Monday, 6 October 2008

Public spending curbs and rules against state subsidies will be thrown – temporarily – out of the window to rescue European banks from the abyss of the global financial crisis, EU leaders agreed at the weekend. Leaders of the four largest European Union economies – Britain, France, Germany and Italy – came up with no EU-wide magic formula, or rescue package, to defend the buckling European financial system.

They did agree, however, that national governments should be at liberty to take drastic action to shore up their own financial institutions, busting EU limits on national budgets and flouting European rules against public subsidies if necessary.

French rescue hopes sunk by Angela Merkel’s move on savings
Adam Sage in Paris

President Sarkozy’s ambition of leading a united Europe through the global financial turmoil appeared to have sunk last night as Angela Merkel moved to guarantee German savings.

The German Chancellor’s initiative may have torpedoed Mr Sarkozy’s aim of ensuring coordinated action on crisis-hit banks in the European Union. It came less than 24 hours after the French president had summoned Gordon Brown, Mrs Merkel and Silvio Berlusconi, the Italian Prime Minister, to a summit in Paris designed to devise a EU strategy in the face of the upheaval. The move irritated EU leaders who were not invited, such as José Luis Zapatero, the Spanish Prime Minister.

Critics said that the snub would complicate the already difficult task of producing a single EU policy on the crisis.

No proposed EU bank rescue fund -French official
Reuters, Sunday October 5 2008


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