Economic Crisis Increases Poverty In Eastern Europe: World Bank.

"The global financial crisis could push 11 million more people into poverty and another 23 million to the brink of poverty in Eastern Europe and central Asia by 2010, according to a new World Bank report, [The Crisis Hits Home].... The revealing study of how families are dealing with the effects of the crisis shows they are being hit by the credit market squeeze, rising prices, and growing unemployment...." [LETA (Latvia)/Factiva]

AKIpress adds that "...by 2010, there could be over 10 million more poor people in the region, and close to an additional 25 million more who were almost middle class but now just above the poverty line (relative to pre-crisis projections) with the potential of losing their homes, jobs, and basic services.... 'The global financial crisis risks reversing the substantial gains and improvements in living standards achieved by the Europe and Central Asia region over the last few years,' said World Bank Europe and Central Asia Director for Poverty Reduction Luca Barbone...." [AKIpress (Kyrgyzstan)/Factiva]

Radio Free Europe reports that "...Barbone admits that economizing while keeping social safety nets in place is 'a very difficult balance' for governments, but not impossible.... The World Bank is offering loans to some of these countries to help them keep functioning until the world economy rights itself again.... But Barbone says the Bank's most important work might be as an adviser. . He says it helps these struggling governments make the choices necessary to maintain a balance between cutting spending while maintaining the safety nets for their most vulnerable citizens...."[Radio Free Europe/Factiva]