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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.
CNBC's Michelle Caruso-Cabrera reports on the meeting in Poland between Treasury Secretary Timothy Geithner and European finance ministers. Weighing in on what the summit means for global investors, with Louise Cooper, BGC Partners market analyst; CNBC's Steve Liesman and Simon Hobbs.
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.
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.
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.
The won is wafting close to new highs, but the greenback still has the blues. Time for your Earth Day FX Fix.
While periphery euro zone countries are drowning in a sea of debt and investor reluctance, Eastern Europe – which two years ago sent shockwaves through markets – is now shining away from the limelight.