It is notably expected to directly help some SMEs

The Hungarian Prime Minister, Ferenc Gyurcsany, there has not gone by four railways, yesterday, by calling the Europe to the rescue. Just prior to participating in a provided with counterparts in the countries of Central and Eastern Europe (CEECs), he urged the European Union to do everything to avoid that falls "a new iron curtain" on the Continent. Specifically, he called for the implementation of a plan to help with 160 to 190 billion euros for the financial sector in difficulty in the countries of Eastern Europe.

Unfortunately for Budapest, several countries are quickly loosened Ferenc Gyurcsany demand, appellant did not put in the same bag of States to changing circumstances and the very different financial. The Czech Republic or the Estonia thus stated their opposition to any special plan to help the Eastern Europe. "I do not think that Eastern Europe is a special region, I do not think that it is necessary to separate several countries in the EU, I will support an EU aid to any country that needs it, not specifically the Eastern Europe", said Czech Prime Minister Mirek Topolanek, whose country currently chairs the Union.

Battle plan

At present, the countries most affected by the crisis will be just the announcement Friday, aid of EUR 24.5 billion released by the EBRD (European Bank for reconstruction and development), the EIB (European Investment Bank) and the World Bank. Aware of the growing concern of Media Affairs and Western banks strongly implanted in the CEECs particularly the three international financial institutions have detailed their battle plan. It provides, over the next two years, that the EBRD mobilizes 6 billion, while the EIB will provide "about 11 billion" on the same period, and the World Bank 7.5 billion. It is notably expected to directly help some SMEs.

At the headquarters of the EBRD, it is especially not panic moved. Hence the formula convoluted Anthony Williams, spokesman for the institution, who believes that "the situation must be managed, but it is manageable." It seems to be especially critical. Ferenc Gyurcsany is not only the whistle. Thomas Mirow, EBRD President, acknowledged in an interview with the "Figaro", that must be "more quickly, otherwise we run a serious risk of"credit crunch"in Eastern Europe". The issue is, for him, to avoid the course of history will reverse. In a release of the EBRD, Thomas Mirow warns: "For many years, the increasing integration of Europe has been a source of prosperity and mutual benefits and we do not have the right to allow this process to return." A warning which joined that of his counterpart of the World Bank, Robert Zoellick: "the time has come for Europe to work together and to ensure that success stories two decades does not leave smoke."

In this delicate exercise of communication, where you call to mobilization for the CEECs while avoiding further worry, three multilateral banks keep pointing this or that country. Even if the diversity of situations is actually between, for example, the Czech Republic, relatively strong, and of Baltic countries including an economist does not hesitate to say, anonymously, that they are "virtually dead", Anthony Williams prefers to put forward an approach "to the case-by-case basis with banks in each country. Refinancing operations could also involve primarily Western European banks, in view of their strong presence in the CEECs (see sidebar).