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| World Bank President Urges Aid For Eastern European Banks |
| Berlin, 23.02.2009 |
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| BERLIN (AFP)--The president of the World Bank has called on western Europe to help eastern European banks that have been dealt a harsh blow by the financial crisis, in an interview with a German newspaper.
"I think it would be an immense tragedy if Europe were once again divided in two" because of the crisis, Robert Zoellick told the Suddeutsche Zeitung in an interview to be published Monday.
Eastern Europe needs EUR120 billion ($154 billion) to recapitalize its banks and will not be able to round up these funds without outside help, Zoellick said.
Banks in the West recently exacerbated a dire situation for east European banks by tightening their credit.
Hungarian Prime Minister Ferenc Gyurcsany on Wednesday called for a EUR100 billion rescue plan from the European Union for crisis-hit banks in both central and eastern Europe.
The World Bank this month also called on wealthy countries to devote 0.7% of their stimulus packages to a "vulnerability fund" for poor countries hit hard by the downturn.
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(END) Dow Jones Newswires
February 22, 2009 14:05 ET (19:05 GMT)
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