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The Crisis Spreads to Eastern Europe

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The contagion from the financial crisis has spread to Eastern Europe. Growth in the region is off, credit has dried up, and falling currencyexchange rates risk setting off a repeat performance of the Asiancontagion. The Latvian government already a victim of the fallout, and the European banking system is exposed through lavish loans made during the boom years. The IMF has stepped into the gap, but it is clearly and increasingly underfunded, leading to packages that are insufficient to stem the bleeding. A weekend summit of E.U. leaders called for recapitalizing the Fund, with the goal of doubling its current […]

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