Deepening economic crisis in Eastern Europe

BoyRacer · November 28, 2009, 6:03pm

Deepening economic crisis in Eastern Europe -> wsws.org/articles/2009/nov20 … -n24.shtml

Recent reports indicate that the economies of many central and eastern European states are headed for new shocks. Despite attempts to conjure up optimism over the prospects for these countries, institutions such as the European Bank for Reconstruction and Development (EBRD) and the International Monetary Fund (IMF) are warning of the danger of further economic decline in the region, which would have serious consequences for Europe as a whole.

“The consequences of the world economic crisis will burden this region more than the rest of the world in coming years,” declared the chief economist of the EBRD, Erik Berglöf, speaking on the fringes of a conference held by the Austrian Central Bank in Vienna last week.

In its Transition Report, issued at the beginning of November, the EBRD examined the reasons why central and eastern Europe had been hit particularly hard by the crisis. One of the main problems identified by the ERBD was the manner in which economies in the region had been financed in those years when they experienced sustained growth.

there is more

BoyRacer · November 28, 2009, 6:13pm

undertone · November 28, 2009, 6:15pm

That Keiser chap looks like Ian Beale.