European Union Says Cannot Support All East European Countries

Bloomberg Feb 17, 2008 Meera Louis and Zoe Schneeweiss

Units of Austrian, Italian, French, Belgian, German and Swedish banks account for 84 percent of western European bank loans in eastern Europe, Moody’s wrote. Central and east European economies are weakening, with the International Monetary Fund already offering about $52 billion in aid to Latvia, Hungary, Serbia and Ukraine. Bailouts may be extended to Bulgaria, Romania, Lithuania and Estonia as the global recession derails more banks, according to Capital Economics research.

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