As finacial crisis expands into eastern europe, the IMF plans damage control

Today the International Monetary Fund announced that it would begin a movement to invest more funding into eastern Europe, starting with Hungary. The developing countries of eastern Europe have been beginning to fall into a massive recession, largely due to the developing situation of their western neighbors, the abrupt change in investor confidence, and the large scale inflation plaguing the nation. The 1.25 billion euro, 17 month duration loan is expected to be put into effect pending a ruling by the board of directors. Hungary is not the only nation that has begun to beg for emergency assistance from the IMF or the World Bank. Nations such as Belarus, Ukraine, and Iceland (whom has already received the loan to the urgency of the situation in the country) have all raised requests for emergency financial capital. With many developing nations struggling to gain traction in global financial markets, this news could not come at a worst time.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaaSfRlzU_Us&refer=home