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Eastern European banks receive £22 billion in European aid

It has been revealed that a raft of Eastern European banks are to receive around £22 billion of aid from the European Bank of Reconstruction and Development, the World Bank and the European Investment Bank which were all set up to support members of the EU. This will come as no surprise to those who follow the sector as a number of recent entries to the EU are struggling to survive amid claims that the union grew too large too quickly. There are also suggestions that countries such as the Czech Republic were unprepared and inexperienced to handle such a difficult economic situation.

The problem now is that all EU members will be expected to increase funding to the central aid pot of the EU as a time in countries such as the UK are struggling to survive and being forced to introduce quantitative easing as the way ahead. The UK, while commonly thought of as the worst performing European economy, is by no means on its own with a whole host of countries across the European Union struggling to turn their economies around. Collectively there would appear to be a desire to support the whole EU although whether there is sufficient funding in the short to medium term remains to be seen.

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