Eastern Europe 2011 - Special Report

Slovakia's parliament may vote on the expansion of the euro zone's bailout fund as soon as mid October, but the risk of a Greek default is still possible, Slovak Prime Minister Iveta Radicova told CNBC in an interview in Bratislava.

Concerns over investment in Central and Eastern Europe have grown as a solution to the problem of sovereign debt in the peripheral euro zone has eluded policymakers and global growth has slowed.

Hungary's decision to help its citizens pay back the foreign exchange loans they took at the height of the economic boom a few years back has sparked outrage among banks and spooked foreign investors.

Hungary's government is taking steps to pull the country out of the difficult economic conditions it still faces but needs to ensure predictability, Eleni Tsakopoulos Kounalakis, US Ambassador to Hungary, told CNBC.com.

Since it was elected last year, Hungary's government has aggressively aimed to cut the country's debt burden, through raising taxes and nationalizing private pension assets, amongst other measures.

Martin Tlapa, Deputy Minister, Ministry of Industry and Trade of the Czech Republic told CNBC.com in an interview in Prague that the "safe haven" label looks rather scary for a small, open economy that needs a stable exchange rate to function properly.

Fear of another downturn in the world economy lurks behind the smiles and relaxed atmosphere; the Czech Republic is heavily reliant on exports to the euro zone, especially Germany, for its economic growth.

Some analysts have dubbed Central and Eastern Europe a safe haven – due to relatively low risk, because the countries have reformed, and relatively high yields, as they are still seen as emerging markets – but the risks are increasing.

Analysts are skeptical now that the euro would be such a good idea, even if ordinary Poles are still optimistic.