Saturday, November 28, 2009

Economic Crisis in Eastern Europe Deepens

The International Monetary Fund has also issued a number of blunt warnings about developments in eastern Europe. The Austrian Standard quotes IMF economist Christoph Rosenberg, who declares that the recent recovery of financial markets in the region is almost exclusively due to the increased appetite for risk on the part of investors and has little to do with any improvements in the real economy. Rosenberg warns of a new stock market bubble, which will have dire consequences when it collapses.
Rosenberg was not prepared to commit himself when asked if conditions would improve for eastern European markets. “We can only do what we did prior to the economic crisis—warn of the dangers,” he said.
However, when one examines the state of economic conditions, one can only conclude that it is already too late for warnings. The situation is most dire in the Baltic states. In Latvia, bankers are speaking of a “dramatic development.” Despite draconian austerity measures by the government, the country is moving ever closer to bankruptcy.
The rates for credit default swaps, which reflect the perceived risk of state bankruptcy, currently lie between 500 and 600 points for the Baltic states. In comparison, the rate for credit default swaps for Austria is around 60 points.


  1. The IMF is more responsible for suffering and starvation than any hurricane, flood, or famine.

  2. The world is in economic collapse. We may have had a very brief period where it looked like things were improving because of the various stimulus packages the governments put into place, but now it is obvious that we are in collapse mode all over again.

  3. I have been following the situation in eastern europe for a while and i must say EU banks face collapse if eastern europe goes down the shithole. There is no recovry over there. When eastern europe collapses it will destroy eu banks and the pain will reach us. 2010 will be interesting. the 201os will be a depression decade in the us.

  4. I think the world will be in an economic depression for the rest of the time period leading up to the final conflagration, probably in about 20 years.

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