Banks fail in Eastern Europe

Croatian and Latvian Bank became the top victims of financial crisis in Eastern Europe. The committee on financial and capital markets of Latvia imposed a ban, on Monday, on all financial services provided by the institution because of a lack of established several tens million lats. The activity of the board of directors and management of the bank was terminated. The next step is its liquidation.

Croatian Central Bank revoked the license of the local Credo Bank. This is the first bank failure in Croatia since the beginning of the crisis. In recent years the bank operated at a loss, and in May this year it was found that its administration has given false reports of the central bank, presenting the situation better than it was in reality. The share of Credo Bank in Croatian banking system is 0.44%, so its failure would not have significant consequences.

Britain doesn't want to participate in rescuing Europe

European Commission President made ​​a strong appeal to Eurosceptics, including those to the British government using this crisis as a reason for separation from the EU, says "Observer". Jose Manuel Barroso urged Britain to pursue European integration.

Writing to the "Observer", Barroso made ​​a rare intervention in British political debate, warning that he needed all member states to unite and make progress together. Barroso warned that "actions have consequences" and said that peace and prosperity will be best achieved by Europeans through the support and trust in EU institutions rather than to compartmentalize the continent politically and economically.

"We are witnesses of fundamental changes in economic and geopolitical order, and Europe needs to move forward with this or take the risk of collapse" he said.

"Our goal is not to maintain the same status but to move to something new and better," said Barroso. "I hope that when historians look back at these unprecedented times, they will understand that we have stepped back from the the edge of the fragmentation," says Barroso.

British Prime Minister has repeatedly called on eurozone leaders to take urgent action to save the euro. He refused both his country to participate in the rescue fund of the single currency and London feared losing their influence in Europe and behind the possible formation of a "two-speed Europe", explains "Reuters".