According to Financial Times Capital Markets Correspondent, David Oakley, the "Debt-laden eastern European economies are facing downgrades in the coming months as deteriorating credit conditions hit their fragile banking sectors.

The overheating economies of Latvia, Lithuania, Estonia, Kazakhstan, Montenegro, Serbia, Romania and Hungary are under the greatest threat, according to ratings agency Standard & Poor’s."

Further, Mr. Oakley reports: "Latvia has $26.2bn, equivalent to 79 per cent of GDP, in debt maturing this year, Estonia $18.4bn, or 77 per cent of GDP, and Lithuania $25bn, or 53 per cent of GDP."

For the Full Financial Times article, please see:

http://www.ft.com/cms/s/0/6fbc2fbe-8bad-11dd-8a4c-0000779fd18c.html