News from the East

The 'Credit Crunch' claimed its third prime minister this week as the PM of Hungary resigned following both Iceland and Latvia in ditching its leadership. Given that he got caught admitting to lying on a grand scale to the Hungarian public perhaps we should be surprised he has lasted this long. Who, we wonder, will be next?

Meanwhile in the Czech Republic the government of Mirek Topolanek has lost a vote of no confidence and will be forced to resign. This may not sound like big news, but given that the Czech Republic is currently holding the presidency of the EU a collapsing government could have a serious impact as the EU struggles to deal with the impact of the global recession and the increasing assertive Russian Bear.