Jordan Hayes jmhayes at speakeasy.net [ This is an interesting, relatively new blog, by a smartie ... --JMH ] As most eyes are glued to CNBC and the exploration of the huge financial problem at home, few follow just how bad the situation is at fledgling developing economies. With news of potential defaults out of Russia, Kazahstan devaluing its currency and begging for handouts, and Baltic states (Lithuania and Estonia) on the verge of downgrade, things in Eastern Europe are getting from bad to worse. This is most obvious when looking at the foreign currency exchange rates of countries in the region: since September 2008 the Ruble has lost 32%, the Polish Zloty 37%, the Hungarian Forint 29% and Ukraninian Hryvna 42%.
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http://zerohedge.blogspot.com/2009/02/glance-at-upcoming-eastern-european.html
^^^^^^^^
CB: And E. Europe and the FSU already know how to do socialism .