Eastern Europe in relapse - by Steven Pearlstine
Two summers ago, I returned from a visit to Eastern Europe convinced that Poland, Hungary, Slovakia and the Czech Republic were on the fast track to prosperity. It seemed to me that these countries had tasted enough of democracy and capitalism that there was no turning back.
In the last year, however, there has been a good deal of backsliding. The glow from accession to the European Union has given way to resentment of “old Europe” for its begrudging acceptance of “new Europe” and the fiscal straitjacket that comes with E.U. membership.
The pace of investment has eased as multinationals look past Eastern Europe to China and India.
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