The rich nation of Germany isn’t so keen on helping its poorer cousins in Eastern Europe
Bloomberg: EU leaders vetoed a call by Hungary for loans of 180 billion euros ($228 billion) for ex-communist economies in eastern Europe, and told automakers such as General Motors Corp.’s European arm to look to national governments for help.
“I would advise against taking huge numbers into the debate,” German Chancellor Angela Merkel told reporters at an EU summit in Brussels today. “I see a very different situation — you can compare neither Slovenia nor Slovakia with Hungary.”
This is why people are so freaked about the Euro and, for better or worse, are putting their money in dollars (still). Sure, Senators from Alabama aren’t keen to help out Detroit automakers or heavy-spending California, but there’s not much they can do. We’re not (yet) at the point where we might like to talk about kicking any one state out of the Union.