Challenge of Enlargement

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Challenge of Enlargement

The Molotov-Ribbentrop Treaty, a treaty of nonaggression between Germany and the Soviet Union, signed in Moscow in August 23, 1939 included the Soviet annexation of Latvia, Lithuania and Estonia. On the 50th anniversary in August 23, 1989, the Baltic States joined hands in a human chain stretching 600 kilometers from the foot of the limestone hills of Toompea in Tallinn, Estonia to the Gediminas Tower in Vilnius, Lithuania, Crossing the river Riga on its way to the banks of the river Daugava in Latvia. It was called the Baltic Way and it represented the yearning of the people for independence and a better life. On September 6, 1991 the Soviet Union fulfilled that wish of the Baltic people by recognizing their Independence. (Eglitis, 2008)

Across the Atlantic, in the present day, the collapse of a global housing market, which peaked in the U.S. in 2006, caused the values of securities tied to real estate pricing to plummet, collapsing financial institutions globally (PRI's This American Life, 2009). Bank bail outs by national governments became a norm. Questions regarding bank solvency, declines in credit availability, and damaged investor confidence also had an impact on global stock markets. It is now considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. (Reuters, 2009)

In Europe, Latvia is the only Baltic nation to receive bailout money in order to avoid bankruptcy. When the deal totaling 7.5 billion euro’s with the EU, IMF and other lenders was signed. Its economy experienced the deepest economic contraction since independence 20 years ago, as they were especially vulnerable to the global financial crises.

This global recession has s...

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...tudies.com/bulgaria/society.html

Forelle, C. (2009, March 2). EU Rejects a Rescue of Faltering East Europe. Wall Street Journal , p. A1.

Hilary Ingham, M. I. (2003). Eu Expansion to the East: Prospects and Problems . Edward Elgar Pub.

Metz, H. C. (1995). Turkey: A Country Study. Washington : GPO for the Library of Congress.

Mitterauer, M. Historical family forms in eastern Europe in European comparison.

Nieuwbeert, G. K. (2000). Parental Background and Lifestyle Differentiation in Eastern Europe: Social, Political, and Cultural Intergenerational Transmission in Five Former Socialist Societies. Social Science Research , 92-122.

PRI's This American Life. (2009, April 5). Giant Pool of Money wins Peabody.

Reuters. (2009). Three Top Economists Agree 2009 Worst Financial Crisis Since Great Depression; Risks Increase if Right Steps are Not Taken. Business Wire .

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