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Eastern Europe

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  • As Dollar’s Value Falls, Currency Conflicts Rise Thursday, 21 Oct 2010 | 6:19 AM ET

    Fast-growing nations like Thailand are trying to devalue their exchange rates to bolster their export-driven economies, reports the New York Times.

  • Luxury Spending Rebounds to Pre-Crisis Levels Monday, 18 Oct 2010 | 4:39 AM ET
    Gucci Store

    The luxury sector is rebounding better-than-expected this year thanks in large part to wealthy Americans replenishing their wardrobes after a year of self-denial and nouveau riche Chinese indulging in a worldwide spending spree, according to a new study released Monday.

  • Greece

    As the government of Prime Minster George Papandreou struggles to get the nation’s financial house in order — reducing the size of its bloated civil service, chasing after tax evaders and overhauling its pension system — it has also begun to tackle a much less talked about problem: the cozy system of “closed professions” that has existed here for decades, costing the economy billions of dollars a year.

  • Hungary Toxic Sludge Nearly as Big as BP Gulf Spill Friday, 8 Oct 2010 | 5:48 AM ET

    New Hungarian government figures on the red sludge flood show that the volume of muck that escaped from a burst reservoir was almost as high as the blown-out BP oil well spewed into the Gulf of Mexico.

  • Cost of EU Rises, Even as Countries Make Cuts Friday, 8 Oct 2010 | 4:52 AM ET
    People demonstrate to say ''no to austerity'', in Brussels. Police threw a ring of steel around EU headquarters as tens of thousands in a sea of banners from across Europe took to the streets in a worker backlash against painful spending cuts. The protest, the biggest such march since 2001 when 80,000 people invaded the Belgian capital, was timed to coincide with an EU plan to fine governments running up deficits.

    Despite mounting public protests across the Continent, an austerity drive unparalleled in modern, united Europe is building, reports the New York Times.

  • Amid Austerity, Britain Keeps Welfare for Well-Off Friday, 1 Oct 2010 | 6:19 AM ET

    Every week without fail Lucy Elkin, a comfortably middle-class mother of two small children, receives a £33.20 child benefit payment, or about $52, from the debt-plagued British government, reports the New York Times.

  • Young Greeks Seek Options Elsewhere Wednesday, 15 Sep 2010 | 5:47 AM ET

    In two weeks, Alexandra Mallosi, 29, will be packing her bags and leaving the quiet Athens suburb of Holargos for Abu Dhabi to start a job as a hotel sales manager. It was not a tough decision, reports the New York Times.

  • Will the Strong Swiss Franc Hurt Banks? Thursday, 9 Sep 2010 | 5:13 AM ET
    Traders work on the floor of the New York Stock Exchange.

    The Swiss franc's safe-haven reputation helped it hit a new high against the euro, but the currency's strength risks hurting those who have relied on its vigor.

  • Halal Foods Expand Reach in France Thursday, 9 Sep 2010 | 4:57 AM ET

    For years, Anissa Benchamacha bought her meat in a parking lot, from vendors hawking near-expired products to Muslims eager to find food that met their religious requirements.

  • No Bank Will Escape from Regulation: EU Officials Monday, 6 Sep 2010 | 3:20 AM ET

    "No actor, no product, no sector, no territory should no longer be able to escape sensible and intelligent regulation and supervision," Michel Barnier, the EU Commissioner for financial services, warned in an interview with CNBC.

  • International Monetary Fund Warns G7 on Debt Thursday, 2 Sep 2010 | 3:34 AM ET

    The world’s most developed economies, which have been racking up spending since the mid-1960s, face record levels of debt as a result of the 2008-9 financial crisis and have little room for maneuver, the International Monetary Fund warned on Wednesday. The New York Times reports.

  • Dutch City Wants Pot Sold Only to Dutch Citizens Wednesday, 18 Aug 2010 | 7:53 AM ET

    Struggling to reduce traffic jams and a high crime rate, Maastricht is pushing to make its legalized use of recreational drugs a Dutch-only policy, banning sales to foreigners who cross the border to indulge.

  • The Age of Austerity Challenges Stonehenge Thursday, 12 Aug 2010 | 11:04 AM ET
    Stonehenge, England

    The prehistoric monument of Stonehenge stands tall in the British countryside as one of the last remnants of the Neolithic Age. Recently it has also become the latest symbol of another era: the new fiscal austerity. The NYT reports.

  • Russia's Bad Reputation Brings Good Returns Wednesday, 11 Aug 2010 | 4:48 AM ET
    The Spasskaya Tower in Red Square, Moscow.

    Russia's reputation as a dangerous country for investors actually gives foreigners brave enough to invest there an advantage, Jochen Wermuth, CIO of Wermuth Asset Management, told CNBC Wednesday.

  • Armageddon Sells: Permabears Now Becoming Cool Tuesday, 10 Aug 2010 | 4:48 AM ET
    New York Stock Exchange trader

    In many smart-money circles, listening to bears has become fashionable, the NY Times reports.

  • Drought Doubles the Price of Barley in 6 Weeks Monday, 9 Aug 2010 | 7:20 AM ET

    “The rise has gone unnoticed because all the attention was on wheat,” Abdolreza Abbassian, senior grain economist at the United Nations’ Food and Agriculture Organization in Rome, told the Financial Times.

  • Hungary Blames Its Central Bank for a Fiscal Crisis Tuesday, 3 Aug 2010 | 9:23 AM ET
    Budapest, Hungary

    The governor of the Hungarian Central Bank has it worse than most. Not only has the new government placed the blame on him, among others, for Hungary's stagnant economy, it has slashed his salary by 75 percent. The NYT reports.

  • European Bank Stress Tests Worked: Sort Of Saturday, 31 Jul 2010 | 12:20 PM ET
    Map of Europe

    A week after the authorities released results of stress tests on the largest European banks, market data is starting to provide an indication of whether the exercise had the desired effect on confidence. The answer: sort of. The NYT explains.

  • Euro Prophet of Doom: Beware Italy's Grey Economy Friday, 23 Jul 2010 | 7:38 AM ET
    Statue and Italian Flag in front of Vittorio Emanuele monument.

    "They have a huge informal economy. Informal economies don't pay taxes but people eventually show up as they get older looking for pension and looking for health care," Edward Hugh, nicknamed "Europe's prophet of doom," told CNBC.

  • Central Banker Fears 'Permanent' Damage to Growth Tuesday, 20 Jul 2010 | 9:28 AM ET

    The financial crisis might have sapped Europe's growth for a long time, and there are fears that the slowdown is permanent, Polish central bank governor Marek Belka told TVN CNBC Tuesday.