Europe's Reluctant Paymaster

摘要

Its place on the map once worried its generals. Now Germany feels encircled by economic menace. To the east lie ex-communist economies suffering from tumbling currencies and a drying-up of foreign capital. To the south and west are countries that are in the euro but have kept their profligate ways. Their cost of borrowing has shot up, stirring fears of default. Some now talk of a possible break-up of the euro area.rnAt times like these people turn to Germany, the biggest and most creditworthy economy in Europe. Austria, where the banks have risked more than most in eastern Europe, wants the European Union to provide €150 billion ($191 billion) of aid, part of it to countries that are not even members of the eu. Robert Zoellick, president of the World Bank, thinks east European banks need €120 billion of fresh capital, much of which may have to come from western Europe. The clamour for assistance to weaker countries in the euro is almost as loud.