The Recession in Central Europe, Part 1: Armageddon Averted?

Central Europe has borne the brunt of the global financial crisis, and countries that were once flying high on foreign direct investment are now receiving direct assistance from the International Monetary Fund. Burdened by $870 billion in external debt, a large portion of which is denominated in foreign currency, Central European countries are scrambling to keep their currencies strong to avoid a crisis caused by appreciating foreign debt. Ultimately, the only remedy is a mad dash to the eurozone. Editor's Note: This is part of an ongoing series on the global recession and signs indicating how and when the economic recovery will begin.