EU summit pledges help – but offers no more money – for struggling East
PARIS – With fears of a global financial crisis harming states in Central and Eastern Europe, and doing potential damage to Europe’s successful single currency, European Union heads of state agreed to help emerging states at an emergency summit in Brussels.
The assistance will not resemble a US-style major bailout or recovery fund, but will take a yet-to-be-determined form on a “case by case” basis, as states need it, according to Jose Manuel Barroso, president of the European Commission.
The meeting, which was called in part to affirm “solidarity” among wealthy or older EU states and less affluent former communist states, comes in the wake of crises in states like Latvia and Hungary, which have needed billions in help in recent months.
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