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March 2, 2009
E.U. rejects massive bailout plan for Eastern Europe

Over the weekend, European Union leaders gathered in Brussels for yet another emergency meeting on the global economic crisis. High on the agenda: What to do about Eastern Europe, where political unrest has become common.

Warning that a new economic “iron curtain” could descend across the continent, leaders from Eastern Europe came to Brussels asking for nearly a quarter of a trillion dollars to bail them out. The European Union rejected such a bailout.

Roben Farzad, a senior writer and columnist for BusinessWeek magazine, joins Daljit Dhaliwal to discuss the rapidly deteriorating economic situation in Eastern Europe. They discuss what people in Eastern Europe will face in coming months as well as the broader implications for Western Europe and the world.

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