Eastern Europe

Financial News

EU Ministers to Urge Poland, Hungary, Lithuania to Rein In Budget Deficits European Union finance ministers will ask Hungary, Lithuania and Poland to rein in their budget gaps as the bloc’s eastern members face delayed euro adoption while struggling to adhere to fiscal rules, draft EU documents show.

Zamrazilova Says Czech Economy Reached Bottom, May Rebound by End of Year The Czech economy has “reached the bottom” and is set to bounce back by the end of the year, central bank board member Eva Zamrazilova said.

Hungary's Rating Outlook Continues to Be Negative, S&P's Stukenbrock Says Hungary’s rating outlook remains negative, because the country’s debt burden is set to rise to 84 percent of economic output and the next general elections may derail economic policy, Standard & Poor’s said.

Poland Sees 2009 Economic Growth at 0.2%, Supported By Consumer Spending Poland’s Finance Ministry said consumer spending will keep the economy growing this year as lower taxes and slowing inflation boost household income.

Russian Central Bank May Avert Further Gains in Ruble, Morgan Stanley Says The ruble may not appreciate further even as oil prices rise because the central bank will intervene to protect exporters, according to Morgan Stanley.

Lithuanian President Adamkus Approves Simonyte to Be New Finance Minister Lithuanian President Valdas Adamkus appointed Ingrida Simonyte to be the country’s new finance minister as the government copes with the worst recession since at least 1995.

Czech Central Bank Says Rate Cut May Have Sparked More Koruna Volatility Czech central bankers left the key interest rate unchanged on June 25 in part because a cut may have raised the koruna’s volatility, minutes from the meeting showed.

Polish Zloty Strengthens After Central Banker Noga Sees Currency Gaining The Polish zloty advanced against the euro, posting its biggest weekly gain in three months, after a central bank policy maker said the currency is likely to appreciate in value.

General News

Hungary Reports Third Monthly Trade Surplus in April as Imports Collapse Hungary recorded its third monthly trade surplus in April as the country’s worst recession in 18 years curbed import demand.

Medvedev Says Talks With Obama on Terrorism, Arms Likely to Aid Relations Russian President Dmitry Medvedev expects talks with Barack Obama on terror, arms and regional conflicts to produce results and potentially better relations with the U.S.

European Indexes 

European Currencies 

Futures