New Economic Iron Curtain Warning From Hungary

The leader of Hungary has expressed warnings regarding the new Iron Curtain on the economy during a crisis summit talk with the European Union. This might take into effect, unless the leaders who were present at the EU summit last Sunday will act in order to protect the weakest members of the bloc before they drown in the worsening global economic crisis.

Credit Crunch Digs Deep

Ferenc Gyurcsany, the Prime Minister of Hungary, has also mentioned that the credit crunch is now hitting poorer members in the eastern state – harder than any other nation. The leader of Hungary has also called for a special fund of the European Union to total around one hundred and ninety billion Euros (roughly the equivalent of two hundred and forty one billion United States dollars) in order to restore the trust as well as the solvency of the financial markets in Eastern Europe. Ferenc Gyurcsany has also mentioned that they must not allow a new Iron Curtain to be initiated and divide the different European nations. Along with other eastern European members of the EU Poland, Slovakia and Latvia, Hungary is in really bad economic conditions and is now pleading to the richer members of the twenty seven nation bloc to show some signs of solidarity. Both Poland and Hungary as well as the Baltic countries have been wanting the EU to put a move on the fast tracking of bids in order to bring together the European currency. Such a move would certainly offer them better financial anchor.

Compounded Problems

The European Union’s member nations are all coming to terms with this ever-worsening recession. As of late, it has been compounded by a highly severe credit crunch which had ended up leaving most of the countries figuring out ways to protect their companies and job markets from the international market. These also include taking a second look into the policies which work to undermine the foundation of their open market which the European Union was founded upon. Clearly, this is one of the biggest challenges which Europe has to face in the last twenty years. Gyurcsany also goes on to say that at the start (during the nineties) they were able to re-unify Europe and the challenge they are facing now is whether they can do the same but financially. Mirek Topolanek, the Prime Minister of the Czech Republic is the current president of the European Union. He has earlier called on all of his counterparts to get their act together and work collaboratively. What the Prime Minister wants is to steer clear of any dividing lines and they do not want Europe to be divided along their North-South or their East-West line.