EU’s East Braced for Sanctions Pain With GDP Set to Slide - Bloomberg:
"The European Union’s biggest eastern economies are flagging as escalating sanctions against Russia and retaliation from President Vladimir Putin exacerbate the euro area’s stuttering recovery from a record slump.
Poland probably grew 0.5 percent from the previous three months in the second quarter, less than half the pace of the January-March period, according to a Bloomberg survey. Czech expansion probably slowed to 0.3 percent from 0.8 percent, while Hungary’s decelerated to 0.7 percent from 1.1 percent, separate surveys show. The three nations report the data tomorrow.
The worst standoff in more than two decades between Russia and its former Cold War foes is curbing trade in the EU’s ex-communist members and threatening the euro region’s revival. As Russia responds to sanctions by banning food from the EU, Germany, the east’s No. 1 export market, is facing a first economic contraction in two years and crumbling confidence."
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