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...Budapest in recent weeks would have found beautiful old cities in a rather depressed mood. Despite the arrival of spring, the political and economic news across the region is gloomy at best. Eastern Europe’s emerging economies have been some of the worst hit by the current economic crisis—making unemployment rise, threatening their ability to roll over foreign debt, and toppling governments. As a recent International Monetary Fund paper proposes, the best way forward may be a European answer to an Eastern European problem: early adoption of the euro...
...Eastern European economies are the same. If we consider the Czech Republic, Poland, and Hungary, it becomes clear that the last has taken much more debt from foreign markets—in a way that may have been problematic even without a global economic crisis. But, in the current scenario, investors that had previously been attracted to the generous interest rates of the region have fled as fast as possible. And very few remain, making it very hard for these countries to roll over debt or put in place counter-cyclical measures to ease the effects of the global crisis...
...Ultimately, as the G20 recognized, the largest irony is that the countries worst hit by the current crisis are not the places in which it originated. But, across Eastern Europe, few people have time to be ponder such facts. The Polish zloty has lost a third of its value against the euro in just a few months, but that has not made its exports more competitive, since they have plunged along with global economic trade. The Czech Republic, arguably one of the most respectable governments in the region, has seen its prime minister resign right in the middle...
...Czech Republic, Hungary, and Poland are all scheduled to go ahead with a rather long process of monetary convergence in order to join the euro, overseen by the ECB. But, as it turns out, the current crisis renders impossible many of the conditions implicit in the plan, particularly when it comes to fiscal balance (which everyone is throwing by the wayside) and indebtedness (which has been a problem for a long time in the region). The problem is significant because, if things continue deteriorating, it may pull the region farther and farther away from Europe, in a way that could...
...Most remarkable? Once she reaches the 100-inning minimum to get on the career list, she will be first in Harvard history with 10.46 strikeouts/7 innings pitched—nearly three strikeouts ahead of current leader Chelsea Thoke ’01. If Brown keeps up this pace, she could finish her career with close to 1000 strikeouts, which would absolutely shatter Thoke’s record...