January 22, 2008

Will EU Send US Care Packages?

I grew up in the 1950s. In school they taught us about the infinitely brave, virtuous and victorious US Armed Forces bringing down Hitler & Hirohito. But at home, my Sicilian family spoke about living with the terror of bombs from both the Allies and the Axis. Instead of throwing away used clothes, we sent them to our cousins, along with cans of food and the few goodies we could do without. Now that the mighty giant is tripping over both right feet, it will be interesting to see how Europe responds.
EU worried at prospect of US recession
22.01.2008 - 09:24 CET By Lucia Kubosova
EU finance ministers will today (22 January) debate the latest trends on the world markets, with eurozone chief Jean-Claude Juncker referring to the possibility of economic recession in the US and its negative impact on Europe's economy.
The meeting takes place amid the biggest plunge of global stock markets since the terrorist attacks of 11 September 2001. On Monday, London's FTSE 100 index tumbled 5.5 percent, while indexes in Paris and Frankfurt dropped by about 7 percent.
[…] Last year, the European Commission revised its economic forecasts for the eurozone and the EU's economy downwards due to the global consequences of the US credit crisis in the second half of 2007.
Leaders of the UK, Germany, France and Italy are due to discuss their response to the global market turmoil next week (29 January) in London, ahead of the G7 gathering in Japan of the world's most industrialised countries.

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