Latvia Suffers Real Estate Decline

Latvia is just one of the most recent countries to take a severe hit on the property market due to the global market downturn. The banks are also severely affected and Premier Ivars Godmanis may consider applying to the IMF and the EU for financial assistance. Hungary, Iceland, and Ukraine have also petitioned for and have received loans from the IMF. Read more

Construction in Ukraine Ceases

Cranes sit silent on construction sites as developers struggle for funding to finish their projects. The Ukraine has made a deal with the International Monetary Fund (IMF) to rescue its plummeting economy but there will be a bit of a wait while the transaction takes place. Meanwhile, there are only a handful of buyers who are qualified for mortgages and overall, banks are lending very little. Read more

IMF Expected to Help Floundering Countries

Eastern and Central Europe are difficult places to be these days, in light of the global financial crisis. Many countries are attempting to hold their collective heads above water, with some resorting to seeking rescue packages from the International Monetary Fund. Read more

Baltic States May Follow Iceland’s Demise

Iceland has approached the International Monetary Fund for help regarding the global economic crisis. IMF’s managing director, Dominique Strauss-Kahn, said: “The fallout for most banking systems in emerging and developing economies has been limited so far but signs of stress are growing.” Read more