A Greek tragedy could be ahead for markets, warns Larry McDonald of Newedge.» Read More
Mateusz Szczurek, CEE chief economist at ING, told CNBC that the Polish central bank had justified its decision to prop-up the zloty on the grounds that it needed to "punish speculators".
Senior Russian government figures have rebelled against a deal between President Dmitry Medvedev and Vladimir Putin, the prime minister, to switch jobs next year. The FT reports.
Slovakia is now, together with the Czech Republic, considered a relative safe haven, more so than many other countries, both in Central and Eastern Europe and in the euro zone.
Poland faces parliamentary elections on Oct. 9, but any new government will have to show restraint in spending public money, analysts said.
Hungary's government has raised a lot of eyebrows among investors since it came to power in May 2010.
With the Swiss National Bank setting a ceiling for the Swiss franc's appreciation against the euro, the need for new safe havens has become acute, and the Czech Republic, with its strong economy and stable currency, is emerging as a contender.
Central and Eastern Europe is still a place where investors can make money but they have to choose their sectors and stocks carefully, emerging markets specialist investor Mark Mobius told CNBC.com in an interview.
Central and Eastern Europe have been known as a turbo-charged version of Western Europe: when Western economies merely grow, the Eastern European ones boom. When things are bad in the West, they're awful in the East.
The Obama administration, increasingly alarmed by the spillover effects of Europe’s financial crisis, has begun an intensive lobbying campaign to persuade Chancellor Angela Merkel of Germany to ramp up efforts to stem any contagion from the debt crisis in Greece, the NYT reports.
Slovenia's minority government has collapsed after a no-confidence vote and this could further complicate the passage of legislation to scale up and enhance the European Financial Stability Facility (EFSF), a key element of the euro zone's crisis response.
Greece will avoid default and "absolutely" stay inside the Euro Zone, said Stavros Lambrinidis, Greek foreign minister on Tuesday.
A collapse of Europe's monetary union would likely lead to a breakup of the European Union as a whole, posing significant risks to the region and even raising the possibility of war in the long term, Poland’s Finance Minister told CNBC.
Greece's problems are scaring everybody in the euro zone, but the Bulgarians still want in - it's time for your FX Fix.
Remember the collapse of Lehman Brothers ? Europeans certainly do. As Europe struggles to contain its government debt crisis, the greatest fear is that one of the Continent’s major banks may fail.
As leaders in Europe try to contain a deepening financial crisis, they are also increasingly talking about making fundamental changes to the way their 17-nation economic union works. The NYT reports.
Singapore’s economy could get a shock if the U.S. falls into recession, warned both ratings agency Fitch and investment bank, Daiwa Capital Markets.
No bank likes to take a loss, especially those in Europe that already suffer from a toxic mix of thin capital, troubled financing and weak loan books. But in the case of the proposed second bailout for Greece — the one that is supposed to make private investors feel the financial pain along with taxpayers — the biggest banks in Europe are on the road now promoting the plan. The NYT reports.
In 2008, Eastern Europe was in the throes of a major financial crisis. Burdened with public and private debt, Hungary, Latvia and Romania had to be bailed out by the IMF; they faced severe austerity measures and high unemployment. Fast forward three years and Eastern Europe seems in much better shape, while the West faces the most serious financial challenge since the establishment of the European Union.
Inflation in the 17 euro countries remained steady at 2.5 percent in August, adding to expectations the European Central Bank will hold off from raising interest rates — and may even consider cutting them — as economic growth slows.
Worries about Western Europe have spilled into countries in Central and Eastern Europe and the region's fate is tightly linked to that of its main exporting market, Wike Groenenberg, head of CEEMEA strategy at Citi, told CNBC on Wednesday.