German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
New waves of migrants from countries like Bulgaria, Romania and Ukraine can be expected as a reaction should the West close markets and shut off capital flows, wrote the US based Newsweek.
According to the article if French President Sarkozy's vision of a protectionist Europe of subsidized companies and an unraveling single market prevails, it will mean the likely death of Eastern Europe's economic-development model of tying into the global economy via Western neighbors.
"Ultimately, though, the closing of markets and shutting off of capital flows will ricochet back to the West - via collapsing exports and defaulted loans, not to mention new waves of migrants from down-and-out countries like Romania, Bulgaria and Ukraine."
The article, written by Stefan Theil and William Underhill, argues that this is the first time in decades that not just European banks but entire countries could become insolvent.
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