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February 16 2009

Failure to save East Europe will lead to worldwide meltdown - 2009-02-15 Telegraph.co.uk

The unfolding debt drama in Russia, Ukraine, and the EU states of Eastern Europe has reached acute danger point. - Austria's finance minister Josef Pröll made frantic efforts last week to put together a €150bn rescue for the ex-Soviet bloc. Well he might. His banks have lent €230bn to the region, equal to 70pc of Austria's GDP. "A failure rate of 10pc would lead to the collapse of the Austrian financial sector," reported Der Standard in Vienna. Unfortunately, that is about to happen.

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